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Where Taxpayers and Advisers Meet

tax on assets

gwyndaf pritchard
Posts:1
Joined:Sat May 27, 2017 12:05 am
tax on assets

Postby gwyndaf pritchard » Sat May 27, 2017 12:11 am

i have just bought land on industrial estate in wales to build a new unit and develop a new yard for my roofing company.
my accountant says i will get no tax releif against my business for building of the unit or fencing . taramacing etc. surly this cant be true?

amingram
Posts:18
Joined:Fri Nov 28, 2008 1:47 pm

Re: tax on assets

Postby amingram » Fri Jul 21, 2017 8:21 pm

Your accountant is right in that you don't get tax relief against profits for land and buildings (Until you come to sell them atleast)

However if your building contains any plant and machinery (HMRC have a list of what qualifies) - but things like electricity, water, security systems, etc- you can get tax relief on those against your trading profits


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