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New Capital Allowances Regime |
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Written by Daniel Gricks
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Thursday, 01 April 2010 |
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When you buy an asset for your business you cannot charge the cost of this against your profits in one year.
You must write them down over a number of years.
For tax purposes these write downs are called: Capital Allowances
April 2008 saw the start of a new regime for capital allowances.
First Year Allowance (FYA) for small and medium sized businesses have been abolished.
Industrial
Buildings and Agricultural Buildings Allowances are being phased out and will be abolished in 2011.
The rate of relief given on the general pool of expenditure on plant and machinery has been reduced from 25% to 20% and to counteract this, an Annual Investment Allowance (AIA) has been introduced.
It is important to identify the costs correctly to enable the correct relief to be claimed. A reduced rate of writing down allowance, 10%, is now given to a specific list of items that are integral to a building.
The changes are:
· AIA providing 100% relief on the first £50,000 of expenditure in a year, excluding cars
· Expenditure over £50,000 is allocated to an appropriate pool
· If AIA is not utilised, tax relief is lost
· Short life asset elections are likely to be scrapped in the next three to four years
· 100% FYA are allowable on energy saving or environmentally beneficial items listed on www.ECA.gov.uk
· 100% initial allowance available on business premises renovation if you are in a “disadvantaged area”
If you are thinking of buying or renovating any sort of asset, please call us first – we can help ensure you maximise the reliefs available |
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Last Updated ( Wednesday, 09 June 2010 )
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Tax Newsletter - February 2010 |
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Written by Daniel Gricks
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Wednesday, 03 February 2010 |
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Tax News Letter - February 2010 |
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Last Updated ( Wednesday, 09 June 2010 )
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Read more...
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CHARITY RETURNS AND ACCOUNTS |
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Written by Daniel Gricks
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Monday, 27 April 2009 |
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Upminster Accountants has now a section that specialises in Small Charities
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Last Updated ( Friday, 10 July 2009 )
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Read more...
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DANGER FOR CONTRATORS OR SUBCONTRATORS |
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Written by Daniel Gricks
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Thursday, 02 April 2009 |
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Subcontractors and contractors - HRMC have targeted you.
If you have your own company or are in an umbrella company, you may well not be as ‘self employed’ as you think.
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Last Updated ( Wednesday, 09 June 2010 )
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Read more...
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Written by Daniel Gricks
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Wednesday, 01 April 2009 |
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Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Having acknowledged that the country is emerging from deep global recession and needing to provide a route to long term prosperity he announced a number of new measures.
Main Budget proposals:
- Entrepreneurs' Relief limit doubled to £2 million
- Annual Investment Allowance doubled to £100,000
- Changes to certain loan write off rules for close companies
- Inheritance tax nil rate band frozen at £325,000
- SDLT relief is introduced for first time home buyers
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Last Updated ( Wednesday, 09 June 2010 )
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