Following the recent Spring Budget announcements, the government has declared its intention to end the furnished holiday lettings (FHL) tax framework. This move aims to discontinue existing tax privileges for landlords operating short-term furnished holiday properties, favouring longer-term residential property rentals. Among the current tax advantages, not limited to FHL proprietors, are deductions for interest…
HMRC has recently updated its guidelines to clarify that a partnership containing a corporate member is eligible to assert capital allowances typically reserved for corporations. This encompasses allowances such as the super deduction and full expensing. The computation of a partnership’s profits is contingent upon the tax regulations applicable to its members: HMRC has revised…
It was recently announced that two new Freeports would be established in Wales –Celtic Freeport covering Milford Haven and Port Talbot and Anglesey Freeport in North Wales – with the potential for an Investment Zone worth up to £160m in North East Wales. Consequently, we decided to put together this article to highlight some benefits…
In March 2021, when the decision to raise the corporation tax rate to 25% was initially disclosed, a concurrent introduction of the super-deduction was made aimed to mitigate the impact of this transition. However, as the super-deduction concluded on March 31, 2023, amidst persistent challenging economic conditions in the UK, there was widespread anticipation for…
Businesses that spend money on eligible costs for constructing or upgrading commercial structures and buildings within designated Freeport tax sites will receive a special tax benefit. This will involve an increased rate of Structures and Buildings Allowance (SBA) that applies to qualified expenses related to creating new structures or improving existing ones, specifically for commercial…
The AIA is generally aimed at small to medium sized businesses and investors and enables Capital Allowances of 100% to be claimed on most types of purchases of plant or machinery, excluding cars.In recent years HMRC has tinkered with the AIA and up to December 2015, maximum rates have varied between £25,000 and £500,000. From…
On 29th October 2018 the Government announced the introduction of the SBA for all new projects starting on or after this date. The SBA is an annual allowance is calculated on the cost of the buildings and given at a rate of 2% on the straight line basis over 50 years. In practice this means the cost…
CA Select Limited
Hunters Lodge
Old Lane
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