Claiming capital allowances

Claiming capital allowances

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When claiming CA's within a tax return, is this supposed to be done 'officially' in the white space as well as in the CA entry boxes. I've just read something to that effect in an accountancy book on-line advert. In over 30 years I've never done this, nor have any partners I've worked under in various practices. I've NOTIFIED expenditure on which a CA claim is being deferred, but that's the only requirement I'm aware of. 

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By Chris Smail
21st Nov 2012 19:01

Salesmen make things up - breaking news

File this one with the 'It's illegal to send tax returns by email' story.

 

 

Chris Smail - www.langer.co.uk

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By exactbusiness
23rd Nov 2012 09:53

RE: Claiming capital allowances

 

1) in order to take advantage of any sideways loss relief, box 40 in the property section of the tax return must be completed. If the portfolio is making a loss, the Capital Allowances part of the loss can be set-off against other taxable income in this way 2) I alwys ask clients to include a copy of our report, otherwise to add a narrative in the 'space provided' highlighting that CA's are being lcaimed and for what. Hope this helps.

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Replying to Ruddles:
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By accountsman
26th Nov 2012 12:59

Claiming CA's

Thanks for that. Since most sole traders and small businesses have no idea how the tax system works (and don't want to know) putting a narrative re more complex CA's in the white space would be good practice anyway. It gives the client an idea of the kind of specialist stuff we need to know and provides permanent history in their copy Return re our claims of the year, not just in our working papers.

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