Capital allowances reviews

Produced by Tolley in association with Martin Wilson and Steven Bone
Owner-Managed Businesses
Guidance

Capital allowances reviews

Produced by Tolley in association with Martin Wilson and Steven Bone
Owner-Managed Businesses
Guidance
imgtext

When you might carry out a capital allowance review

A capital allowances review is a detailed review of expenditure with the aim of claiming the optimal amount of capital allowances. Examples of opportunities for conducting a capital allowances review include the following circumstances:

  1. your client is acquiring new premises. A substantial part of the purchase price may be apportioned to fixtures qualifying for tax relief, and / or the entitlement to allowances may need to be safeguarded by the inclusion of capital allowances clauses in the purchase contract

  2. your client is relocating to new premises. There will be a risk of previous allowances being clawed back on the sale of the current premises unless proper planning is undertaken. In addition, there may be a substantial amount spent on fitting out the new premises and on the new plant and machinery

  3. the owners of the company are considering selling the business or have been approached by a potential purchaser. A pre-sale health check should help streamline the due diligence process and may

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Martin Wilson
Martin Wilson


Martin Wilson, specialised in capital allowances for 25 years before retirement. He is the author of numerous published works on the subject, including Bloomsbury's Capital Allowances: Transactions & Planning, and the capital allowances content of LexisPSL, Tolley's Tax Guidance, Tolley's Tax Planning and Simon's Tax Planning.

Steven Bone
Steven Bone linkedinicon twittericon

Director at Gateley Capitus


Steven is a tax-qualified Chartered Surveyor who has specialised in tax incentives, including capital allowances and land remediation relief for over 20 years. Previously he held senior specialist positions in 'Big 4' and national mid-tier accountancy firms. Capital allowances underpin income tax and corporation tax calculations by giving tax relief for money spent to buy, build or alter commercial property.Steven works with owner-occupiers, investors and their advisers to provide capital allowances opinions, transaction support and specialist valuations for all types of property.  This includes resolving HM Revenue capital allowances enquiries and giving expert evidence to tribunals and courts.Steven has contributed to many articles and books, including: Bloomsbury Professional's Capital Allowances, Tolley's Tax Planning, RICS's official Guidance Note for surveyors on Capital Allowances and Land Remediation Relief, and Practical Law Company's Practice Note on Commercial Property Standard Enquiry 32 dealing with capital allowances.

Powered by Tolley+

Popular Articles

Payments to trust beneficiaries

Payments to trust beneficiariesThis guidance note considers the trustees powers to make payments and whether the payment made is income or capital.This guidance note is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not

14 Jul 2020 12:52 | Produced by Tolley Read more Read more

Interest on late paid tax

Interest on late paid taxIntroductionInterest on late paid tax is a compulsory charge set out in legislation to reflect the interest which would have accrued to the Exchequer had the correct amount of tax been paid at the right time.Harmonised legislation was introduced in 2009 to:•set statutory

14 Jul 2020 12:00 | Produced by Tolley in association with Philip Rutherford Read more Read more

Withholding tax

Withholding taxIntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were

14 Jul 2020 14:01 | Produced by Tolley Read more Read more