Category Archives: Taking Pension Early

Portal Tax Claims have once again jumped ahead of the curve with the introduction of its expert online case tracking system enabling clients to follow the progress of their cases anytime, anywhere. Used internally by the firm for a number of years, the bespoke computerised case management system known as Solcase Online has finally been made available and visible to all clients who log in to the Portal Tax Claims site, allowing them to track the progress of their claim. [...]

As property owners look to reap returns from their UK homes, many are forgetting that they may be owed substantial amounts of cash from their offshore properties. Those who own furnished holiday lets, both in the UK and within the European Economic Area, could be entitled to claim large sums of money through sizeable capital allowances. This comes down to the fact that despite the relatively small income that is generated from a furnished holiday let, it is still classified [...]

In a separate article, we noted that persons engaged in qualifying activities can claim Plant and Machinery Allowance (PMA) on expenditure they incur for providing plant or machinery for carrying on the qualifying activity. In this article, we look at what are included under qualifying activities. CA20010 lists qualifying activities for claiming PMA: Trade; An ordinary property business; Furnished holiday letting business; Overseas property business; Profession or vocation; Mine, quarry or canal or other concern giving rise to profits from [...]

Manufacturers are applauding a key change to the tax regime for capital allowance claims that gives a substantial cash boost to companies that invest in the most up to date machinery. As part of the chancellor’s plans, in the near future companies will be able to claim tax allowances under the ‘short life assets election scheme’ within eight years, as opposed to the current four years. It is thought that this move is intended to increase competitiveness in the sector, [...]

Manufacturers are applauding a key change to the tax regime for capital allowances that gives a substantial cash boost to companies that invest in the most up to date machinery. As part of the chancellor’s plans, in the near future companies will be able to claim tax allowances under the ‘short life assets election scheme’ within eight years, as opposed to the current four years. It is thought that this move is intended to increase competitiveness in the sector, and [...]

In a separate post, we looked at capital allowances that are allowed as a deductible expense for computing taxable income. We noted that capital allowances allow long-term expenditures, such as on buildings, plant & machinery and furniture, to be written off as expenses over their expected useful lives. We noted in particular that computing capital allowances on buildings is a complex exercise that accountants are not typically equipped to handle well. The complexity of capital allowance claims on buildings might [...]

Capital allowances represent the “expensing” of qualifying assets over their useful lifetimes. Because these assets are used over a number of years, treating their whole cost as an expense in the year of purchase will distort operating results. And tax authorities will not allow you to deduct the whole cost from your revenues while computing the accounting profit / loss.. The usual accounting practice is to estimate the useful life of the asset in years and spread the cost of [...]