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Search results: 14 article(s) found in topic: Expenses - keyword: Repairs/renewals

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HMRC’s spin on repair costs

Nothing lasts forever, but with timely repairs you can extend the life of machinery and other equipment used in your business. However, getting a tax deduction for the repair cost isn’t always straightforward. What’s the problem? More...


When does an old asset become new, and does it matter?

One of our subscribers is arguing with his accountant over how, for tax purposes, to treat the cost of resurfacing the staff car park. His accountant says that it’s a capital expense and no deduction can be claimed. Is he correct? More...


HMRC updates its capital v revenue expenses toolkit

Whether an expense is capital or revenue determines how soon it qualifies for a tax deduction, and possibly if it qualifies at all. What does HMRC’s updated toolkit say about tax relief for the cost of repairing a newly acquired asset? More...


Buying a property - what costs are tax deductible?

When you buy a property you’ll incur legal and other professional costs. Usually these are only tax deductible when you come to sell the property, but if it’s used in your business, can you deduct any of them from profits? More...


Tax deductions for capital costs - are you losing out?

HMRC recently updated its toolkit on the different tax treatment of capital and revenue expenses. But what it doesn’t tell you is that some capital costs are never tax deductible. How can you improve your chances of qualifying? More...


Revamped toolkits for 2011/12 tax returns


Renewals deduction scrapped

Currently, businesses can opt for a tax deduction from profit instead of claiming capital allowances when replacing plant and machinery, but the Taxman has announced this practice is to end. Will your company be worse off as a result? More...


How to make repairs tax effective

The tribunal recently considered whether the Taxman was right to refuse a deduction for the cost of repairs to a business asset. The taxpayers won. What useful pointers for maximising your maintenance costs can you take from this case? More...


Repair or improve - why should you care?

The Taxman’s argument regarding property expenses was recently kicked out by the tax tribunal. In his decision the judge used the Taxman’s own published guidance against him. Is this something you can take advantage of? More...


Are repair costs capital or revenue expenses?

Given the collapse of the property market you have decided to stay put in your current premises. What tactics do you need to employ to ensure that you get the maximum tax relief on the cost of any repairs you carry out? More...
Last updated: 03.07.2020

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