Hi Kimberly, this was a great video. I have the below questions. 1. Can you claim capital allowances if you hold the commercial property in your personal name? 2. If you sell a commercial property which is in your personal name, can you claim rollover relief? 3. Can you claim sideways loss relief if you have sufficient amount of capital allowances in a commercial property which is in your personal name to offset the income tax from your day job? 4. Can you claim Entrepreneurs relief on the sale of a commercial property which is in your personal name?
Individuals can claim capital allowances. I would suggest speaking to an accountant to discuss what you may be able to claim. Potentially. There are some reliefs available. I'll be doing some videos on reliefs in the next few months. Capital Allowances are on your trading income therefore they relate to your trading income. There are some sideways loss restrictions and it depends on the type of income. I would suggest speaking to an accountant about what you may be able to do in your specific circumstances. Business Asset Disposal relief may be available depending if you are operating your trading business from the same building and selling within certain time limits.
For a normal buy to let you cannot claim capital allowances. However for things like holiday lets or serviced accommodation you can. It depends on the strategy what is and isn't allowable.
There are companies out there that will do an assessment. Or when you have purchased a property you need to ensure that this breakdown is asked for as part of the purchase pack to see what allowances have already been claimed and cannot be claimed again.
What does it mean when you say that CAs can only be claimed once? If the former owner of a FHL has claimed one-quarter of the CAs available, does that mean that we cannot claim the balance because they have claimed CAs already? Or can we claim those unused CAs? I know that there is a tax case where some CAs were possible to be claimed in an HMO.
If the owner has already claimed part of the allowances, as part of the legal process you need to check what has been claimed to see what is still available to claim and you cannot claim if they have already claimed them all using the annual investment allowance.
Capital Allowances will be allowable on plant and machinery and potentially on integrated assets such as heating systems. I would suggest speaking to an accountant and ensure you keep all invoices and the detailed refurbishment invoices with split of all the work.
Hi Kimberly, this was a great video. I have the below questions.
1. Can you claim capital allowances if you hold the commercial property in your personal name?
2. If you sell a commercial property which is in your personal name, can you claim rollover relief?
3. Can you claim sideways loss relief if you have sufficient amount of capital allowances in a commercial property which is in your personal name to offset the income tax from your day job?
4. Can you claim Entrepreneurs relief on the sale of a commercial property which is in your personal name?
Individuals can claim capital allowances. I would suggest speaking to an accountant to discuss what you may be able to claim.
Potentially. There are some reliefs available. I'll be doing some videos on reliefs in the next few months.
Capital Allowances are on your trading income therefore they relate to your trading income. There are some sideways loss restrictions and it depends on the type of income. I would suggest speaking to an accountant about what you may be able to do in your specific circumstances.
Business Asset Disposal relief may be available depending if you are operating your trading business from the same building and selling within certain time limits.
Great video! What capital allowances can be claimed on a normal buy to let property? I didn't realise you could claim any. Thanks in advance! Cheers.
For a normal buy to let you cannot claim capital allowances. However for things like holiday lets or serviced accommodation you can. It depends on the strategy what is and isn't allowable.
Great video. How do you determine the capital allowance values of building assets in a building you buy such as lift, fire alarm etc?
There are companies out there that will do an assessment. Or when you have purchased a property you need to ensure that this breakdown is asked for as part of the purchase pack to see what allowances have already been claimed and cannot be claimed again.
Can I claim a capital allowance for new machinery. Even after capital allowance has already been claimed for that property?
You can only claim capital allowances on an item once therefore if you have claimed already no and if you have not then yes.
What does it mean when you say that CAs can only be claimed once?
If the former owner of a FHL has claimed one-quarter of the CAs available, does that mean that we cannot claim the balance because they have claimed CAs already? Or can we claim those unused CAs?
I know that there is a tax case where some CAs were possible to be claimed in an HMO.
If the owner has already claimed part of the allowances, as part of the legal process you need to check what has been claimed to see what is still available to claim and you cannot claim if they have already claimed them all using the annual investment allowance.
Great vid Kim. Just recently started a serviced accommodation business, how do I establish what’s eligible for capital allowance?
Capital Allowances will be allowable on plant and machinery and potentially on integrated assets such as heating systems. I would suggest speaking to an accountant and ensure you keep all invoices and the detailed refurbishment invoices with split of all the work.
@@kimberleyshapcottpropertytax thank you
S tax specialise in this area and are amazing
Useful to know.