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Boost cashflow
Key points
- Review historic expenditure on buildings in case some has not been fully claimed.
- Use capital allowances to mitigate future capital gains.
- Two-year window in which to amend or make a capital allowances claim.
- Use the annual investment allowance of up to £1m.
In these challenging times with cashflow pressure the claiming of capital allowances can help to generate significant tax cash savings. HMRC has allowed businesses to defer VAT and income tax payments but corporation tax will still represent a significant cost during this period.
Often overlooked is the entitlement for companies non-resident landlords partnerships and individuals to make a claim for capital allowances on historic expenditure as long as those qualifying assets are still owned. The following are some practical ...
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