Capital Allowance Archives

Sep 11 2026

Changes To The VAT Capital Goods Scheme

By admin Capital Allowance, Capital Expenditure, Capital Gains Tax, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News, VAT Capital Goods Scheme (CGS)

If you acquire, create or construct capital items for use in a business and you incur VAT on those items, you may need to use the VAT Capital Goods Scheme (CGS) on your VAT returns. The CGS is a mechanism that adjusts the amount of VAT a business can recover…

Dec 17 2025

Capital Allowances

By admin Capital Allowance, Capital Expenditure, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News

The writing-down allowance (WDA) for capital assets will be lowered from April 2026 and a new first year allowance is introduced Currently, companies can claim full expensing to deduct 100% of the cost of new and unused qualifying assets from their taxable profits. The annual investment allowance (AIA) also provides…

Apr 02 2024

Capital Allowances For Partnerships

By admin Capital Allowance, Corporation Tax, Directors, HMRC, Potts & Co Accountancy & Business Advice News

HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances. Corporate taxpayers are entitled to certain accelerated capital allowances such as full-expensing and the super-deduction that are not available to individuals subject to…

Mar 16 2024

Furnished Holiday Lets Relief To Be Scrapped

By admin Budget Update, Capital Allowance, Capital Gains Tax, Furnished Holiday Lets (FHL), HMRC, Holiday Rentals, Income Tax, Potts & Co Accountancy & Business Advice News

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying conditions, you may benefit from…

Mar 30 2023

All Change For Capital Allowances

By admin Annual Investment Allowance (AIA), Capital Allowance, HMRC, Potts & Co Accountancy & Business Advice News

The 'super deduction' capital allowances, which provide companies with a deduction of 130% of the cost of new plant and machinery, will end for expenditure incurred after 31 March 2023 as scheduled. The Chancellor has proposed a new system of full expensing of the cost of all plant and machinery,…

Sep 11 2021

Super Capital Allowances

By admin Capital Allowance, Capital Expenditure, HMRC, Potts & Co Accountancy & Business Advice News, Super Capital Allowances

Companies can now claim 'super' capital allowances on the purchase of new machinery and plant and to a lesser extent on certain new fixtures and fittings. These super allowances give the company a deduction of 130% of the cost in the year of purchase for plant and machinery and a…

Sep 03 2020

Is it a Car or a Van?

By admin Capital Allowance, P11D, Potts & Co Accountancy & Business Advice News, VAT

Whether your business buys a car or a van can make a big difference to the tax relief given on the cost of the vehicle and to the tax payable by the driver who uses it for private journeys. In both cases the tax position is more favourable for a…

Nov 10 2018

New Capital Allowances

By admin Budget Update, Capital Allowance, HMRC, Potts & Co Accountancy & Business Advice News

The government wants to encourage businesses to invest in plant and equipment to help them grow their operations and operate more efficiently. Where the cost of those items qualifies for the annual investment allowance (AIA), 100% of the expenditure is set against profits in the year of purchase, so the…

Capital Allowance

Changes To The VAT Capital Goods Scheme

Capital Allowances

Capital Allowances For Partnerships

Furnished Holiday Lets Relief To Be Scrapped

All Change For Capital Allowances

Super Capital Allowances

Is it a Car or a Van?

New Capital Allowances

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