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Post Info TOPIC: What total would be acceptable to clain a capital allowance.
FoxAccountancyServices


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What total would be acceptable to clain a capital allowance.
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Hi Vicki. A £100 piece of equipment could be eligible for CA's if you decided it was an asset rather than revenue expenditure. If the fixtures and fittings are wholly, exclusively and necessary for business, then they would be eligible for CAs... the log cabin might be another issue though



-- Edited by FoxAccountancyServices on Thursday 25th of July 2013 08:37:02 PM

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Vicki Newman


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Hello

I know that usually to qualify for a capital allowance the expenditure has to be for £1000 or more.

My client has a lot of fixtures and fittings inside a log cabin structure that I really would like to get some tax relief for her, the only problem is the total of the expenditure is only £707. Would this be an acceptable amount?

I really would like to be able to get this relief for her as we have already found out that she can't claim for the purchase of the cabin.

Many Thanks

 

Vicki

 



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Vicki Newman


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Excellent thank you for clarifying that.

Yes, I have already discovered that the log cabin will not qualify which was hard to swallow but I have looked in depth and it's definitely a no go!

With regards to the fixtures and fittings, it's all the electrics, furniture and so on, definitely not revenue expenditure.

I also read (in the HMRC CA Manual) that I can't claim for carpet tiles but I could for carpet, have I understood this correctly?

Vicki

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Cheshire


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I cant answer the carpet tiles one Im afraid, but HMRC do run some great webinars on Capital allowances and you can ask as many questions as you like whilst you are on the webinar. Certainly a good webinar to go on and you can do it to more or less suit yourself, timewise. They take an hour. Here is some more info.... http://www.hmrc.gov.uk/webinars/self-employed.htm



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
FoxAccountancyServices


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Hi Vicki, sorry for delay in reply.. Joanne makes an excellent suggestion :)

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Vicki Newman


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Joanne,

Sorry I have only just got a chance to come back on to check my replies.

Thanks for the webinar address this is brilliant.

Vicki

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Cheshire


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No worries Vicki, hope you find the webinars useful, I certainly did.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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