Capital Allowances

[Mitchells Scaffolding]

Hi all just had an email about Capital Allowances

If your business purchase or make investments in certain business assets, you can claim tax allowances- also known as Capital Allowances.

for the reduction in value of the assets.

Every £100 of Capital Allowances claimed is worth £26 in tax relief to a corporation tax payer (at 26%) and £50 to an additional rate income tax payer

would this apply to Scaffold companys

money is money if we can save a bit i will
we do have a section in the accounts headed
Depreciation
On disposals
Charge for the year
is it the same just a question from a none financial person point of veiw

 

[XxIANxX]

HM Revenue & Customs: Capital allowances investment schemes

 

[aom]

That's why I pay a good accountant, because I have absolutely no idea.:embarrest:

I bet I'm claiming for it though.

 

[scaffman1]

Snap Al.......lol

 

[bigfish]

That's why I pay a good accountant, because I have absolutely no idea.:embarrest:

I bet I'm claiming for it though.

You been on holiday alistair?:worried:

 

[aom]

haha, worth their weight in gold really.

Long story short, mine is a bit like me, a straight arrow and I have been told a few times to change to their so called super star but since then they have had numerous inspections and hit with additional bills for thousands. Mine fought my corner when a mystery bill turned up only for a few hundred quid but was years old and with penalties they wanted to hammer me and were going to write to all my clients and tell them my tax status had changed and they were to start deducting at source. Took my guy about 30 minutes to sort out and turned up the tax man had got his figures wrong but you guessed it no apology.

---------- Post added at 02:49 PM ---------- Previous post was at 02:48 PM ----------

You been on holiday alistair?:worried:

Naw, just mad busy for a bit there, it's calmed down now though. In the office meant to be doing paper work but never seem to get the same enthusiasm for it as I do when throwing the jobs up.

 

[bigfish]

haha, worth their weight in gold really.

Long story short, mine is a bit like me, a straight arrow and I have been told a few times to change to their so called super star but since then they have had numerous inspections and hit with additional bills for thousands. Mine fought my corner when a mystery bill turned up only for a few hundred quid but was years old and with penalties they wanted to hammer me and were going to write to all my clients and tell them my tax status had changed and they were to start deducting at source. Took my guy about 30 minutes to sort out and turned up the tax man had got his figures wrong but you guessed it no apology.

I had the exact same problem,needless to say i ended up with a life changing bill,manufactured by the inland revenue that i did not owe,completely stitched up by them,i've since learned that i'm not alone in this