It sounds logical but it can be surprising how often this is either overlooked or done superficially.
Very early in my career I had to prepare the CT computation for a film processor. At this time with 52% corporation tax 100% first year capital allowances were available on qualifying plant and machinery.
This particular client had erected a lockable metal shed with a reinforced metal floor on the roof and the audit file stated no capital allowances available.
Having worked with chemicals in the past it occurred to me that such a shed would most likely be used to store inflammables...
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It sounds logical but it can be surprising how often this is either overlooked or done superficially.
Very early in my career I had to prepare the CT computation for a film processor. At this time with 52% corporation tax 100% first year capital allowances were available on qualifying plant and machinery.
This particular client had erected a lockable metal shed with a reinforced metal floor on the roof and the audit file stated no capital allowances available.
Having worked with chemicals in the past it occurred to me that such a shed would most likely be used to store inflammables...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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