On 15 December 2021 The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 gained royal assent. Under this new legislation, directors of dissolved companies which received financial assistance during the pandemic face...
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.