News

New HMRC guidance on Plant and Machinery allowances and professional fees and preliminary costs

Posted at 03:49 on Monday 13th August 2012

HMRC have issued new guidance for individuals and businesses who, whilst undertaking a building project, incur professional fees and associated costs and need to determine if they can be inclu...

Don't lose the opportunity to utilise FHL losses against other income. A Capital Allowances claim is still possible for 2010/11 but only until 31 January 2013.

Posted at 03:37 on Monday 13th August 2012

Capital allowances are a tax relief available when buying, constructing or improving your furnished holiday let.  The relief enables individuals or businesses that pay UK tax to deduct the cost of certain types of expenditur...

Cap on Income Tax Relief and Capital Allowances

Posted at 02:07 on Monday 13th August 2012

In July 2012 the Government published its consultation document, delivering a cap on income tax relief: a technical consultation, on the proposed cap on Income Tax Relief.  T...

Income Tax Rate Reduction From April 2013 - Bring Forward Your Expenditure On Plant And Machinery To Benefit And Claim Capital Allowances Now

Posted at 05:50 on Thursday 9th August 2012

It was announced in the 2012 Budget that the highest rate of income tax was being reduced from 50% to 45%. You could benefit by deferring income until after April 2013 to take advantage...

French Government Increases Tax On Foreign-Owned Second Homes

Posted at 05:46 on Wednesday 1st August 2012

As part of an attempt to reduce France’s large budget deficit by €7.2m, the French government recently announced it was to increase taxes on foreign-owned second homes. Tax on rental income would increas...

Moody's Downgrade

Posted at 08:26 on Friday 22nd June 2012

Moody’s, the credit ratings agency, has downgraded 15 global banks including the UK’s Royal Bank of Scotland, Barclays, HSBC and Lloyds.  The decision was based on the banks' exposure to volatility in the world's financial m...

New obligations for Capital Allowances claims on fixtures - what all solicitors must know

Posted at 08:33 on Thursday 29th March 2012

From April 2012, the rules surrounding Capital Allowances on fixtures and how they are claimed changed. The Government has introduced new responsibilities in relation to Capital Allowances on the purchase of commercial property as well as ne...

Budget 2012 - Main points relating to Capital Allowances

Posted at 08:27 on Thursday 22nd March 2012

Capital allowances - abolition of Flat Conversion Allowances As previously announced the abolition of flat conversion allowances will go ahead for expenditure from 1 April 2013 for corporation tax and 6 April 2013 for income tax pa...

Land Remediation Relief Survives

Posted at 08:31 on Monday 12th December 2011

DECEMBER 2011 In their response to the consultation of the abolition of 36 Tax Reliefs, the Government has decided not to abolish the land remediation tax relief as it would risk "plans to support the housing and construction sectors t...