ARTHUR KEMP on SKY238 talking about Capital Allowances TODAY!

ARTHUR KEMP on SKY238 talking about Capital Allowances TODAY!

See what I’ve gotta say about tax saving for commercial property owners on SKY238 tonight at 20:30….

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Capital Allowances in the 2016 Budget, the Next generation budget

Capital Allowances in the 2016 Budget, the Next generation budget

Capital Allowances in the 2016 Budget, the Next generation budget This is a summary of the Chancellors budget with respect to Capital Allowances. There are no major changes for every day businesses: – Confirmation that the government will also ensure that all zones are able to offer Enhanced Capital Allowances for eight years following the […]

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£2.1Bn commercial property transactions in November 2015

£2.1Bn commercial property transactions in November 2015

Recently issued Statistics issued by the government (1) show that there were 8970 (seasonally adjusted) non-residential property transactions in October 2014. Based on the many commercial properties we have surveyed, and supported by RBS (2) the average bought price for a commercial property is around the £236k mark. This means Commercial property transaction of around £2,116,920,000 – […]

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Finance Bill 2016; policy paper released!

Finance Bill 2016; policy paper released!

The Government today published its Policy paper; Finance Bill 2016, Overview of legislation in draft. Updated for the 10th of December it includes Capital Allowances specific points on Enterprise Zones, and a reform of the Wear & Tear allowance.   On the introduction of additional Enterprise Zones in 2012, the Summer Budget 2015 invited local […]

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A review of Income Tax reliefs limits

A review of Income Tax reliefs limits

One can utilise Capital Allowances to mitigate income tax by claiming sideways loss relief against other income. If you own the property and have profits, then ALL of the Capital Allowances can be used. From the 6th of April 2013 the total amount of certain Income Tax reliefs that can be used to reduce your […]

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Reduction of Writing Down Allowance on the cards?

Reduction of Writing Down Allowance on the cards?

The Treasury hint at reduction in WDA. As part of an interview with the FT, Mr Gauke who was talking specifically about the diverted profits hinted at a future reduction in the 18% writing down allowance. He commented that plans to cut the corporate tax rate by a further 2 percentage points would “send a clear […]

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Government release UK Property stats today..

Government release UK Property stats today..

Statistics issued by the government today (1) show that there were over 10,300 (seasonally adjusted) non-residential property transactions in September 2015.   Based on the many commercial properties we have surveyed, and supported by RBS (2) the average bought price for a commercial property is around the £236k mark. This means Commercial property transaction of around £2,430,800,000 […]

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HMRC crackdown on tax cheats & nets £109m in just six months!

HMRC crackdown on tax cheats & nets £109m in just six months!

That figure includes £64.9 million recovered in the first three months of this year, more than double the figure for the same period in 2014. Between April and October 2015, HMRC launched 27 new taskforces targeting sectors that are at the highest risk of tax fraud, including Income Tax Self Assessment (ITSA) Repayments, Retail, Hidden Wealth and […]

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Buy your Plant & Machinery before end of December to Maximise tax relief!

Buy your Plant & Machinery before end of December to Maximise tax relief!

Why? The AIA reduces on 1st January 2016 from £500,000 to £200,000 and there is a timing issue for those businesses whose year end is NOT 31st December 2015. If your accounting is after Dec 31st, then the maximum you can claim is calculated using time apportionments of the old and new AIA before and […]

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Wyre bids for new enterprise zone

Wyre bids for new enterprise zone

Ambitious plans for a new enterprise zone have been lodged with the Government with minutes to spare before the closing deadline. Wyre Council, the Lancashire Enterprise Partnership and the NPL Group have applied to have the Hillhouse site at Thornton made into a zone which would bring tax breaks to attract investing companies. They say […]

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HMRC brings in record £1 billion from avoidance crackdown

HMRC brings in record £1 billion from avoidance crackdown

HMRC has collected £1 billion in tax payments from users of tax avoidance schemes as a result of the government’s new rules to collect disputed tax upfront, the Financial Secretary to the Treasury, David Gauke, announces   The Government introduced Accelerated Payments last year to radically change the economics of avoidance. Under these rules, disputed […]

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Common Capital Allowances terms & Abbreviations

Common Capital Allowances terms & Abbreviations

I thought this list useful to look up typical abbreviations for anyone interested in Capital Allowances…. enjoy! ABA Agricultural buildings allowance AIA Annual investment allowance ATA Assured tenancies allowance BPRA Business premises renovation allowance CAA01 Capital Allowances Act 2001 CT Corporation tax CTA09 Corporation Tax Act 2009 CTA10 Corporation Tax Act 2010 EZA Enterprise Zone […]

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New Government Enterprize Zone (EZ) for Plymouth

New Government Enterprize Zone (EZ) for Plymouth

Chancellor George Osbourne confirmed he has approved a new Enterprize Zone to focus on growing the marine industry in the south West. The new EZ is at Plymouth’s south Yard naval dockyard. The confirmation comes after an announcement earlier this year that the site would be cleared to become an enterprise zone subject to business […]

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Updated Energy Efficient Asset List Issued by Government

Updated Energy Efficient Asset List Issued by Government

CAPITAL ALLOWANCES: NEW ENERGY EFFICIENT TECHNOLOGY LIST   STATUTORY INSTRUMENTS Statutory Instrument 2015 No. 1508 has introduced the Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2015 amending the Capital Allowances (Energy-saving Plant and Machinery) Order 2001. The Principal Order implemented legislation to introduce a scheme for 100% first-year capital allowances to encourage businesses to […]

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Surprise Summer 2015 Budget

Surprise Summer 2015 Budget

Summer 2015 Budget:- The Chancellor of the Exchequer will give his Budget to Parliament on Wednesday 8 July 2015. Following a successful election campaign by the conservative party, the Chancellor of the Exchequer, George Osbourne has announced a summer budget. It is expected that the majority government announcement will include many of the manifesto points promised […]

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What an exciting election for Capital Allowances!

What an exciting election for Capital Allowances!

As the election campaigns gathered pace throughout March, April and May, we at EXACT took a specific look at which parties were highlighting the property tax arena. As each of the parties released their manifestos we scoured their public declarations of policy and aims’ to find any hint of a Capital Allowances or Annual Investment […]

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Changes to the AIA (Annual Investment Allowance) for Capital Allowances

Changes to the AIA (Annual Investment Allowance) for Capital Allowances

Changes to the AIA The AIA has changed 4 times since 2008 and is due to change again to £25,000 on 1 January 2016. If the AIA changed in the period you’re claiming for, you need to adjust your allowance. Sole traders/partners Limited companies AIA 6 April 2014 – 31 December 2015 1 April 2014 – 31 December 2015 £500,000 1 […]

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HMRC announces restriction of Capital Allowances for transfers & long funding leaseback effective TODAY! (26th February)

HMRC announces restriction of Capital Allowances for transfers & long funding leaseback effective TODAY! (26th February)

The Government announced on 26 February 2015 its intention to remove an opportunity for taxpayers to create an entitlement to capital allowances in respect of assets for which no qualifying expenditure was previously incurred. Any such opportunity was not an intended consequence of the previous legislation.   SUMMARY Clause [X] introduces Schedule [A] which sets […]

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Draft Finance Bill – Capital Allowances

Draft Finance Bill – Capital Allowances

The Government has released the draft Finance Bill for 2015, and it contains some Capital Allowances changes.   Capital allowances for zero-emission goods vehicles, low emission cars and gas refuelling equipment. As announced at Budget 2014, legislation will be introduced to extend the 100% enhanced capital allowance (ECA) for zero-emission goods vehicles which was due […]

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Commercial Property transactions in October top £2.2Bn.

Commercial Property transactions in October top £2.2Bn.

Statistics issued today by the government (1) show that there were over 9400 (seasonally adjusted) non-residential property transactions in October 2014. Based on the many commercial properties we have surveyed, and supported by RBS (2) the average bought price for a commercial property is around the £236k mark. This means Commercial property transaction of around £2,218,400,000 – […]

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Labour pledges tax avoidance fines…….

Labour pledges tax avoidance fines…….

Before reading this article by the BBC, please be aware that Capital Allowances, in which EXACT specialises do NOT fall into the tax avoidance arena. It is your legal right under CAA2001 to claim this tax relief if you qualify.   Labour has said it plans to double the fines that can be levied on […]

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Second wave of Enterprize Zones?

Second wave of Enterprize Zones?

Eric Pickles is pressing for a second tranche of enterprise zones as part of the government’s push to devolve more power to Britain’s big regional cities. The communities secretary told the Financial Times that devolution deals such as the one signed with Manchester last week were the best way to extend the 24 tax-friendly zones to more areas. “I […]

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Taxation:- How the HMRC treat wealthy individuals

Taxation:- How the HMRC treat wealthy individuals

I am often asked by potential clients if claiming Capital Allowances will result in an HMRC investigation. Many of these are deemed to be ‘wealthy individuals’ in the eyes of HMRC. This is how HMRC treat them…. HMRC’s corporate report on this, published today, is below:-   1.How we deal with wealthy individuals It’s our […]

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How to put Capital Allowances values in SA105 tax return

How to put Capital Allowances values in SA105 tax return

With the paper submission deadlines approaching for submitting tax returns manually, I thought I’d demonstrate an example of which Capital Allowances numbers need to go where on the property pages of a tax return. The scenario below shows a tax payer owning 3 properties. The first is a qualifying Holiday let property, within the EEA, […]

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Lloyds capital allowances case goes back to First Tier Tribunal

Lloyds capital allowances case goes back to First Tier Tribunal

The Court of Appeal has set aside the decision of the Upper Tribunal and the First Tier Tribunal (FTT), and has remitted the case to be heard again by the FTT. The case concerns whether capital allowances were available on two ships where the ships were ultimately leased to non-UK resident lessees in R & C […]

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Capital Allowances & Pensions

Capital Allowances & Pensions

  The Government announce today that there are estimated to be nearly 5.5 Million active personal Pension funds. 62% of which are held by men, 38% by women. These are the number of individuals whose personal pension (including stakeholder pension) has received a contribution during the year, either from themselves, an employer, or a government […]

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Could Independent Scotland have had better Capital Allowances?

Could Independent Scotland have had better Capital Allowances?

Before the Scots voted “NO” to independence last week, key MSP figures were looking at how economic changing financial mechanisms could change.  John Swinney, Cabinet Secretary for Finance, Employment and Sustainable Growth in the Scottish Government stated “We want to create the most supportive business environment we can to help create long-term, secure growth with greater job […]

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Ever heard of Graphene?

Ever heard of Graphene?

Only on Monday night did a friend of mine say it’s the new big technology….. now the government have ambitious proposals for a potential major new National Institute for Materials Research and Innovation.   Chancellor of the Exchequer George Osborne today (Wednesday 10 September) welcomed ambitious plans for a potential major new National Institute for Materials […]

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Used a DOTAS tax avoidance scheme?……………… pay it back NOW!

Used a DOTAS tax avoidance scheme?……………… pay it back NOW!

HMRC are looking to clear more than 60,000 cases involving tax avoidance schemes, by using the following new rules.   DOTAS (The Disclosure of Tax Avoidance Schemes), if you’re involved in tax avoidance, you must supply information about the scheme to HM Revenue & Customs (HMRC). This helps HMRC to: get early information about schemes and […]

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Chancellor to make his Autumn Statement on 3 December

Chancellor to make his Autumn Statement on 3 December

The Chancellor of the Exchequer George Osborne has announced that he will give his annual Autumn Statement to Parliament on 3 December 2014. The statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts will be published alongside the Autumn Statement […]

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Both Capital Allowances and R&D tax credits benefit investors in Business.

Both Capital Allowances and R&D tax credits benefit investors in Business.

Both Capital Allowances and R&D tax credits benefit investors in Business. Although we only specialise in Capital Allowances as a legal method for property owners to mitigate income tax, or corporation tax, it is always interesting to read about similar business reliefs.   Those involved in developing solutions to technical solutions within their business are […]

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HMRC issue new guidance on VAT – Notice 708: buildings and construction

HMRC issue new guidance on VAT – Notice 708: buildings and construction

You may find this notice useful if you: are a contractor or subcontractor are a developer need to issue a certificate in order to obtain zero-rated or reduced-rated building work need to issue a certificate in order to buy, or long lease, a zero-rated building, or have issued the certificate mentioned above and obtained zero-rating […]

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Areas of risk within Capital Allowances for Plant and Machinery

Areas of risk within Capital Allowances for Plant and Machinery

Depreciation of fixed assets charged in the accounts is not allowed as a deduction in computing taxable profits. Capital allowances may be given instead. Plant and machinery allowances give relief at prescribed rates for fixed assets that are plant and machinery. In order to qualify for plant and machinery allowances you must: be carrying on […]

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Theatre Tax Relief – it’s not Capital Allowances, but it’s interesting……

Theatre Tax Relief – it’s not Capital Allowances, but it’s interesting……

Similar to Land Remediation relief (which is part of Capital Allowances), Film Tax Relief and R&D tax credits, Theatre Tax Relief will enable the investors to such a scheme to surrender losses to the treasury in exchange for a tax credit and therefore cash refund. The UK is home to some exciting and innovative theatre […]

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Capital Allowances are safe and NOT a disclosable Tax Avoidance Scheme.

Capital Allowances are safe and NOT a disclosable Tax Avoidance Scheme.

Why not? Well, simply because it is legislation that you can claim the type of tax relief we only deal with. YOU have the legal right under CAA2001 to claim this tax relief if you hold qualifying properties.   Furthermore, those who use a disclosed avoidance scheme (see the list of reference numbers below) may […]

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Changes to the Enhanced Capital Allowances Rules..

Changes to the Enhanced Capital Allowances Rules..

As if Capital Allowances isn’t exciting enough, there is actually an “enhanced” version of it!   It relates to the 100% relief of your investment into energy efficient Plant & Machinery Solutions.   Whether its air conditioning, heat exchanges, CHP solutions or Ground source heat pumps, as long those items appear on the DECC (Department […]

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Capital Allowances here to stay…..

Capital Allowances here to stay…..

Business Forum on Tax and Competitiveness Meeting I often get asked if Capital Allowances could disappear, or if the legislation can change so that they are no longer available. This is extremely unlikely as highlighted by a recent Treasury meeting. Chairing the Business Forum on Tax and Competitiveness Meeting Minutes on 8 May 2014, the Exchequer […]

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Humber & the North East Enterprise Zone maps here!

Humber & the North East Enterprise Zone maps here!

Enterprise Zones are designed to encourage economic growth and investment. Enhanced capital allowances are first-year allowances of 100% and are intended to contribute to this objective by promoting investment by capital intensive companies. Enhanced capital allowances are only available in a limited number of designated assisted areas within Enterprise Zones. These maps show the sites […]

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£400M of Capital Allowances in May alone!

£400M of Capital Allowances in May alone!

Recently issued Statistics issued by the government (1) show that there were over 8200 commercial  property transactions in May 2014 alone. Based on the many commercial properties we have surveyed, and supported by RBS (2)  the average bought price for a commercial property is around the £236k mark. This means Commercial property transaction of around […]

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Who are HMRC anyway?

Who are HMRC anyway?

Ever wondered who the people behind HMRC are? Well here is the organisational chart as of June 2014. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/321875/HMRC_organisation_chart_2014-06-01.pdf HMRC – a brief history….. King John in 1203 goes the credit for establishing a Customs service on a national scale responsible directly to the Crown. At all the ports, he required six or seven ‘wise […]

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Treasury Team visit Cambridge

Treasury Team visit Cambridge

Exchequer Secretary to the Treasury, David Gauke, has met with members of the venture capital and angel investor community at an event here in Cambridge. With the economy experiencing strong growth, the Exchequer Secretary was keen to hear from active investors and find out how the reliefs have incentivised them to invest in start ups. […]

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A multi-million pound tax allowance claim made by one of the UK’s largest clothing retailers has been rejected for the second time by a tax tribunal.

A multi-million pound tax allowance claim made by one of the UK’s largest clothing retailers has been rejected for the second time by a tax tribunal.

Next Distribution Limited, part of the Next Group Plc, claimed Industrial Buildings Allowance (IBA) on £19 million it spent on constructing two buildings used for warehousing and other activities. Under the now-defunct IBA, businesses could write off some of their construction costs if the sites being built were used to subject goods to a process or […]

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Apple, Starbucks, Amazon & others – Capital Allowances

Apple, Starbucks, Amazon & others – Capital Allowances

Tax deals involving Apple, Starbucks and others are facing an EU probe over allegations they amounted to state aid worth billions of pounds. The focus was firmly on national laws and corporate tax rules rather than the firms themselves. Apple’s annual report showed how its Irish structures helped it achieve an effective tax rate of just […]

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Holiday Let tax relief is still OK.

Holiday let properties which return a profit, such as this one in Aldeburgh today, can still utilise Capital Allowances as a tax deduction.  These properties will attract around 20% of their capital investment in tax relief.  The Allowances are only able to be used against the holiday let profits since April 2011. Posted from WordPress […]

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Typical Capital Allowances

These commercial properties I saw today on my travels to London by train, are typical of the everyday cases we get in for Capital Allowances claims. Whether owned by a company or individuals, as a shell these would attract 8-10% of the purchase price in tax deductions. Have a great day! Posted from WordPress for […]

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HMRC calls time (limit) on Capital Allowances

Arthur Kemp at EXACT! says new legislation means that anyone who buys property since April 2014, has 2 years to claim Capital Allowances or the tax relief is lost forever.   Any business or persons operating from their own premises or thinking of buying business premises Property surveyors Property estate agents Conveyancers Financing commercial property […]

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BUDGET 2014 – Capital Allowances – START SPENDING!!!!!!!!!!!!!!!

BUDGET 2014 – Capital Allowances – START SPENDING!!!!!!!!!!!!!!!

The last few years of vastly reduced yearly Capital Allowances tax relief appears to start to be swinging the other way, after today’s budget! Since April 2008 when the FYA’s were replaced by a paltry £50,000 Annual Investment Allowance the treasury has changed almost yearly the AIA value. This year’s announcement INCREASED the yearly allowances available to £500,000! […]

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Some updates on key tax dates for you all!

Some updates on key tax dates for you all! 31 January Submit your online self assessment tax return to HMRC for the year ended 5 April 2012. Pay the balance of any income tax and National Insurance (NI) due for the year ended 5 April 2012. The deadline for amending any 2010/11 tax return for […]

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The Capital Allowances (First-year Tax Credits) Order 2013

The Capital Allowances (First-year Tax Credits) Order 2013

As the tax return deadline for 2012/13 is approaching, I thought I’d just to keep you informed about SI 464 of 2013 which may affect some of you. It is relation to The Capital Allowances (First-year Tax Credits) Order 2013 and came into force on 28th March 2013. First-year tax credits were originally introduced in 2008 […]

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EXACT welcomes new Director

EXACT welcomes new Director

I am pleased to announce the official appointment of Alex Wright as non-exec director to Exact Business. Alex brings a high level of professional competence and oversees the surveying area of the business. Alex Wright is professionally qualified with 18 years experience within the construction industry.  Having studied at Manchester University, Alex has worked for a […]

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Development Capital Allowances

Once again a property developer will benefit from capital Allowances tax relief on a property that they have recently bought. Fairly typically the prior owners of the building here, being a public house have already claimed. Extensive tax relief is available on the subsequent extension works. ECA’s and BPRA may also be available. Posted from […]

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Seaside Tax Savings = Capital Allowances

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Hotel Capital Allowances Survey

It’s an early start for us at EXACT for a Plant & Machinery survey at this listed hotel outside of Coventry. Our extensive survey will identify all qualifying assets which qualify for Capital Allowances. The assets we find today, will be included in the hotel owners tax return, therefore legitimately reducing their tax liability. For […]

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Independent Scotland for better Capital Allowances?

Independent Scotland for better Capital Allowances?

As the Scottish independence vote approaches in September next year, key MSP figures are looking at how economic changing financial mechanisms could change.   John Swinney, Cabinet Secretary for Finance, Employment and Sustainable Growth in the Scottish Government stated this week “We want to create the most supportive business environment we can to help create […]

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Why rewards are important at EXACT

Why rewards are important at EXACT

Its important for me as Director to reinforce and encourage work that advances my employees and institutional goals and values. As a business Managers I use appropriate methods of recognition to promote good performance in the staff and to encourage the success of their goals. Part of my reward mechanism is to give the team […]

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EXACT celebrates Mandela Day

EXACT celebrates Mandela Day

Today, the 18th of July, as well as being my brothers birthday, is Mandela Day.   The overarching objective of Mandela Day is to inspire individuals to take action to help change the world for the better, and in doing so build a global movement for good. Ultimately it seeks to empower communities everywhere. “Take […]

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EXACT Comments on HMRC Capital Allowances legislation change

EXACT Comments on HMRC Capital Allowances legislation change

As Capital Allowances Consultants we have been asked to provide comment on Revenue & Customs Brief – 03/13 in relation to second hand fixtures. This Brief seeks comments on new guidance on Plant and Machinery Allowances (PMA) in respect of qualifying expenditure on second-hand fixtures. HMRC will aim to publish this guidance in the Capital […]

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Investing in energy-saving technologies? You need to know about ECA’s!

Investing in energy-saving technologies? You need to know about ECA’s!

A quick guide to equipment eligible for Enhanced Capital Allowances for the investor & business owner.   Enhanced Capital Allowances,(ECAs) were introduced in 2001 and are a straightforward way for a business to improve its cash flow through accelerated tax relief. The government, through The Carbon Trust, manages the ECA Scheme for Energy Saving Technologies which […]

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Barrister loses DIY tax scheme case

Barrister loses DIY tax scheme case

The following is an article published in the ‘The Law Society Gazette’ on 12 April 2013 by Catherine Baksi. It highlights the fact that spurious tax avoidance schemes are looked at in detail and challenged by HMRC. Fortunately CAPITAL ALLOWANCES do not fall into this category as they are legislated for under the Capital Allowances Act […]

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Exact – the winners that sponsor other winners!

Exact – the winners that sponsor other winners!

Exact Business Taxation Services Ltd are pleased to sponsor Huntingdon Rugby Club Under 8s Tigers Challenge 2013.  The group of players have been together for nearly four years under the guidance of Dave Alvis and his team of coaches. Last year through the dedication, time and effort put in by the coaches, parents and players the […]

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PRACTICES URGED TO CAPITALISE ON GOVERNMENT INITIATIVE

PRACTICES URGED TO CAPITALISE ON GOVERNMENT INITIATIVE

The following is an article written in Practice Business on 17thApril by accountant Paul Hulme, director of DJH accountants, which says many GP practices are missing out on valuable tax reliefs which they may not even know they’re entitled to. It refers to utilising Capital Allowances tax relief of which EXACT are specialists. EXACT’s experience […]

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The Capital Allowances (First-year Tax Credits) Order 2013

The Capital Allowances (First-year Tax Credits) Order 2013

HMRC have issued SI 464 of 2013, which applies to both income and corporation tax and is relevant for First Year Tax Credits relating to environmentally friendly Plant & Machinery. This Order, which comes into force on 28 March 2013, extends to 31 March 2018 the period during which relevant first-year expenditure must be incurred […]

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When Can Fencing Be Claimed as a Capital Allowance?

Thanks for this great article on Fencing & Capital Allowances from Alex Murray, Community Coordinator – Safe Site Facilities – safesitefacilities.co.uk capi Fencing sits in somewhat of a grey area when it comes to capital allowance. In order to qualify the fencing must fall under plant and machinery allowances of the 2001 Act. Standard fencing […]

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HMRC not entitled to discovery assessment

HMRC not entitled to discovery assessment

HMRC will not simply be able to open a discovery assessment if an investigation opportunity has fallen out of the 12-month window, according to an upper tribunal ruling. Capital Allowances such as those undertake at EXACT do NOT have be disclosed to HMRC as a Tax avoidance scheme under the DOTAS mechanism, however other tax […]

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