We are now just over half-way through the qualifying period for these enhanced rates of capital allowances and claims incorporating the temporary first-year allowances are now being computed for construction projects. However, whilst the expenditure must fall within the qualifying period, the contract date is also critical to eligibility. Furthermore, claims on construction projects will require cost apportionments for indirect costs at an early stage when the final expenditure may be unknown. Expenditure incurred via PropCo/OpCo structures add further complications. Whilst maintaining adequate records of capital allowances claims is always advisable, it is particularly crucial in the case of these super deductions.
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We are now just over half-way through the qualifying period for these enhanced rates of capital allowances and claims incorporating the temporary first-year allowances are now being computed for construction projects. However, whilst the expenditure must fall within the qualifying period, the contract date is also critical to eligibility. Furthermore, claims on construction projects will require cost apportionments for indirect costs at an early stage when the final expenditure may be unknown. Expenditure incurred via PropCo/OpCo structures add further complications. Whilst maintaining adequate records of capital allowances claims is always advisable, it is particularly crucial in the case of these super deductions.
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:
