An administration order could be a way to deal with debt if you have a county court or High Court judgment against you and you cannot pay in full. But who qualifies for an administration order and which debts are included? An administration order is an...
Capital allowances are an amount of money that a business can deduct from their taxable profits. If a company was to buy a qualifying asset for their premises, they are able to claim capital allowances on that disbursement (known as capital expenditure).
When a buyer purchases a property, they don’t just attain the building and the land, they also acquire the properties fixtures. This means that on a purchase of a property, a taxpayer may be able to claim capital allowances on the value paid for qualifying fixtures. Capital allowances may also be claimed on:
- Types of building improvements and renovation
- Assets that are used and owned in the business
- Certain types of machinery which are used for business functions
Capital allowances can be claimed by companies, sole traders and trading partnerships, landlords and occasionally employees.