Agricutural Buildings(ABA) & Capital Allowances
I have a client who is a large farmer and a few years ago in 2008 spent considerable expenditure on constructing new cattle sheds.
In total around £700k was spent on this and out of this roughly £250k was put into the general pool for capital allowancs of which
some £140k qualifying immediately for first year allowance(as this was prior to AIA). Out of the remainder roughly £375k was put into
Agricultural Buildings Allowance pool qualifying for 4% ABA in that year. The remainder of this roughly 75k was put into fixed assets under freehold additions and no capital allowances were claimed.
My query is that I am now considering whether more of this expenditure would have qualified as plant and machinery rather than ABA
as ABA has now been done away with.
So what types of items within the cattle shed would qualify for plant & machinery capital allowances?
Also can I go back this far to 2008?
Should I get an outside expert in this field to visit the farm premises and look at what qualifies as plant & machinery and what
doesn't or could I do this myself?
Any answers are much appreciated in advance.
- New Client in dispute with old accountant 469 10
- Declined for business bank account 248 6
- Any Scottish members out there? 7,629 284
- Help with Mortgage Application? 483 7
- planning to be self employed bookkeeper what do i need to do before i start? 181 3
- Disclosure of pending convertible loan notes? 213 10
- Standard 'email' template system 883 14
- Shutting down a company with creditors 1,029 14
- How to complete annual VAT return online? 218 4
- Irish VAT Deferred payment 95 1
- Circular shareholding 234 6
- Starting as sole trader from abroad 193 6
- business card address 313 8
- VAT relief eligibilty for charity buying minibus 214 2
- Loan to a related company 109 1
- Artificially reducing profits by bonus accrual 663 26
- Repairs after a rental business ends 338 10
- Can anyone recommend a good document scanner? 274 8
- property rental income split 135 1
- Expenses of overseas employment 139 2
- Raiders of the Lost Tax File 1,116
- Chartered Accountant in County Down N.Ireland 368
- IPP (International Pension Plan) income 300
- National Insurance 269
- valuation of intangible asset FRS10 and FRS20 240
- Payments on account coded out?? 230
- Cass 5 FCA Client Money Software recomendation 223
- Non Resident 188
- Unnecessary S9A Enquiries 184
- Franchise income and costs 178