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Capital allowance on plant and machinery

Can I claim capital allowance on items that came with a business I bought?

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Can I claim capital allowances on items that came with a business I bought? These were equipments. I paid an overall price for the business consisting of these assets and goodwill.

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By David Ex
06th Aug 2021 11:28

What does the business sale agreement have to say on the matter?

Did you take professional advice on the purchase?

What kind of equipment are we talking about?

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By [email protected]
06th Aug 2021 11:34

David sir, thanks for replying. I'm afraid no advice taken and agreement doesn't specify anything.

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Replying to Wilson Philips:
By David Ex
06th Aug 2021 12:21

Wilson Philips wrote: wrote: I'm afraid no advice taken

Oh dear. Let me guess - too tight to pay for advice at the time, and now looking for advice here for nothing?

The OP’s previous questions referred to his clients so I guess he was advising himself.

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Replying to [email protected]:
By Duggimon
06th Aug 2021 11:58

Accounting advice acquired for free over the internet from strangers after the transaction has already happened is rarely effective in securing the best possible tax advantages.

Many businesses benefit from doing their tax planning in advance rather than retrospectively.

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