Market leading insight for tax experts
View online issue

This Much I Know

 
Lessons learned from experience
Know the Business in depth
 
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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
EDITOR'S PICKstar
Top