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The following table summarises how other items are allocated. Type of income/deductions Basis of allocation Non-trading loan relationship credits and debits Not specified by legislation Where possible,...
Since 2013/14 a new method of accounting for profit has been available for unincorporated traders. The cash basis allows businesses to account for profit based on a simpler method of receipts...
Current year losses eligible for group relief are: - trading losses (¶11095), including excess capital allowances (¶4000); - non-trading loan relationship deficits (¶11255); - non-trading...
The following types of expenses are deductible: - capital allowances on plant and machinery (¶4295+) used for business purposes are given by deduction from profits of the accounting period....
Capital allowances are deducted as an expense of the trade and therefore automatically create or augment a loss. Balancing charges are treated as a trading receipt and consequently reduce the...
Losses arising on the sale of a building may be restricted to take account of capital allowances previously given. However, a building is treated as being part of the land and, as such, the restriction...
Where a disposal of an asset on which capital allowances could be claimed results in a: - capital gain, any allowances already given are clawed back by way of a balancing charge; or - capital...
The scheme's adjustments affect capital allowances, research and development expenditure, and capital gains tax computations. Where a capital goods scheme adjustment requires VAT to be paid to...
What are capital allowance pools?When you buy an asset which qualifies for CAs the cost is added to a pool of expenditure. When you buy another asset (or take possession of one) it is added to...
There are potentially significant tax and NI savings to be made by incorporating your business. This includes a one-off planning opportunity when you buy equipment. How can you maximise your...