Capital Expense Archives

Receiving Rental Income: Should You Be Completing A Tax Return?

Rental income does have to be disclosed to HM Revenue and Customs but whether or not you have to complete a tax return to disclose the income will depend on your circumstances. You will not need to complete a tax return if: The gross rental income is below £10,000...

Repair – capital or revenue expense?

Advice, Business Support, HMRC, Tax

Trying to establish whether a repair is an allowable trading expense or a capital deduction can be a minefield. It is a complex and grey area and causes many problems. HMRC state that a repair means the restoration of an asset by replacing subsidiary parts of the...

Repairs – Capital or revenue expenditure?

Advice, Business Support, HMRC, News, Tax

HMRC has brought yet another claim for repairs as revenue expenditure before the First Tier Tax Tribunal. The claimant, a limited company, traded from premises on an industrial estate. It claimed as a deduction in its profit and loss account expenses for: the...

Repair – capital or revenue expense?

Property, Tax

Trying to establish whether a repair is an allowable trading expense or a capital deduction can be a minefield. It is a complex and grey area and causes many problems. HMRC state that a repair means the restoration of an asset by replacing subsidiary parts of the...