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Where Taxpayers and Advisers Meet

Understanding what expenses are allowable

Steveg1985
Posts:6
Joined:Thu Dec 07, 2017 2:05 pm
Re: Understanding what expenses are allowable

Postby Steveg1985 » Fri Dec 08, 2017 8:23 pm

Could you advise me on how to find an accountant I can trust? As I just spoke to an accountant from from what seems to be a large company of multiple accountants based online and they told me that I could build a barn and offset the entire cost against tax aswell as buy land for 200,000 with capital I inject into the company and claim 200,000 capital alllowance


I'm afraid that I don't know how to "trust an accountant" at the end of the day if I put my trust in the wrong accountant I could be fined or at worst imprisoned for making these silly mistakes.

Tax is a scary subject

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Understanding what expenses are allowable

Postby wamstax » Fri Dec 08, 2017 10:23 pm

I am not sure what has happened to it in my absence but there used to be a link on this website called “Find a Professional” that used to be one means of getting in touch with tax advisers.

This might get taken down if it is not acceptable to the Admin but failing finding the above you could go on to a website such as www.taxadvicenetwork.co.uk and enter what type of issues you need advice on such as Farming Tax Issues or such with your postcode. But remember you will be engaging with someone that will charge appropriately for specialist advice.

If you are selecting an accountant or tax adviser for their experience in a particular sector don’t be ashamed to ask how many clients they already have in that sector; what services can they provide; at what cost and how often will you have meetings with the expert in that field to consider what you intend to do going forward.
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Understanding what expenses are allowable

Postby bd6759 » Sat Dec 09, 2017 12:33 pm

The law is complicated because over the years the meaning of "plant" has changed as the courts have considered different situations. Buildings and structures are specifically excluded from being plant, except in some limited circumstances where the courts have deemed that the structure is plant. This applies to moveable buildings. The building must be designed to be moved, and must be moved in the course of the business. It's not sufficent that it can be moved: it must be moved, and the movement must be for the purpsoe of the business. Moving it from one side of a field to another simply to show that it can be moved is not sufficnet, There has to be a business reason for moving it. The law was intended for builders huts, but like all laws its meaning gets stretched to suit circumstances until new legislation is needed to prevent it getting stretched further (which is why the tax code is complicated).

This is an old link, but is still relevant: https://www.taxation.co.uk/Articles/201 ... sheds-move


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