Capital Allowances

Cornwall · Postby **Cornwall** » Mon Oct 13, 2008 3:12 pm

Due to lack of profit no Capital Allowances have been claimed for 6 years. This is a 6 bedroom (on suite), large livingroom, diningroom and kitchen. Two further bedrooms are private.
Tax inspector says this can all be fitted with F & F and Equip for Â£12,000, but if we take it to commissioners it will be reduced to Â£2,000?
Original claim is as per Ins Co of Â£39,000.
Where do we stand please?

pawncob · Postby **pawncob** » Mon Oct 13, 2008 3:53 pm

Please explain EXACTLY what you are asking.(and give more details)

Cornwall · Postby **Cornwall** » Tue Oct 14, 2008 4:10 pm

Sorry not making myself clear. This is a B & B no claims for Cap Allowance have been made. In the 6th year of trading an InsuranceFigure was used as a starting point for the valuation of F & F and Equip. this was refuted by the Tax Inspector e.g. previous question. Are we right in stating that a valuation can be used (not all purchase receipts were kept) and what proof would we need for the Commissioners?