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.
- A change from the old Q v NQ debate 749 28
- Sage Payroll with 'employees' not having tax or NI deducted 205 4
- Auto enrolment for one or two director companies 1,886 29
- Paint Manufacturer Flat Rate Scheme 415 24
- PayPal Transaction Analysis 229 5
- Limited Company - Personal Bank Account 2,867 64
- Working out a daily rate 96 5
- Auto enrolment 1,208 13
- Payroll dates 101 5
- VAT reports on trade debtors and trade creditors 274 8
- Withholding of tax 80 1
- missing 925 20
- Self-employed b/f losses 146 3
- Santander Scrip Dividend Scheme 87 1
- are receipts needed? 138 4
- Company overdue but wants to be struck off 506 16
- sole trader - operating under cis 192 4
- Claiming VAT and missing receipts 166 7
- Partnership merger 85 1
- Know it alls (who don't) 860 19
- Skandia using wrong address 1,570
- Nil Rate Band Trust - index linked debt by way of charge over property 868
- International interest certificate 478
- NOVA 335
- Can Limited Company Buy Share of Rental Property? 246
- Management expenses for investment company 228
- Bonus Bonds 226
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 216
- Help with tax codes on Sage 169
- Capital reduction 160