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.
- Who would you nominate for a Practice Excellence Award? 143 1
- How to change credit note allocation in Sage 221 9
- How to Value a Business 478 9
- can a CGT transfer be legally cancelled in the future if 137 5
- Simple Ltd company accounts service 548 13
- How much did you pay for your website 487 13
- Companies House 148 2
- HMRC repayment issued, how long till it hits account? 117 1
- Sage Payroll & NIC 384 7
- Company Pension Contributions 263 6
- Gross Profit Percentage 224 4
- Expenses allowable 173 3
- Let Property Campaign 390 6
- Is there anything I should know about Northern Irish companies? 138 1
- Self employment trap - pension 349 3
- Awkward IP 616 9
- ESC A19 131 2
- When does my Property business start 271 4
- Does anybody still use a Filofax? 1,540 43
- On line petition re HMRC grabbing money from taxpayer bank accounts 871 19
- CTA study material 603
- DTR : TIOPA 2010 Section 42 594
- Anyone have clients that use Pay4Later to offer customers credit? 368
- Employment related securities question 227
- Foreign Business setting up in UK 200
- ATED Penalties 196
- AIM Stocks and IHT 178
- Tax Relief for overseas employees 137
- Expat pension contributions? 129
- Trust for Employee 126