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.
- Company limited by guarantee having only 1 member 107 3
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 459 5
- flat rate scheme 124 3
- capital allowances - Demolition of a building 161 2
- Limited by Guarantee - Members 69 1
- VAT refund 309 3
- Are you going to Tick and Bash on 21 May? 1,279 37
- Turnover on a tax return 542 12
- incorrect old p60 562 15
- Company to buy shareholder land 111 4
- Deferred income - financial concern no recognised turnover CT600 181 1
- Posting Corp Tax to Sage Line 50 148 1
- Special dividends & CGT 202 1
- Director's Earnings when Drawing from Goodwill profit from Sole Trading Company sale to Ltd Company 186 1
- Networking 359 5
- Bank Interest Held by Solicitor During Divorce 276 2
- US company hiring UK citizens in UK 304 4
- What VAT to reclaim on van purchased on HP? 334 5
- Professional coaching claimable? 292 2
- IT Contractor 284 1