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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I know the capital allowances and machinery, as stated

Customer Question

I know the capital allowances for plant and machinery, as stated in section2.53.
What I need to know is the allowance for furniture in the flat.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. The definition of plant and machinery for capital allowance purposes is exceedingly wide and covers a great deal more than it nomenclature implies. The furniture in a let furnished flat would come under its umbrella. I do hope my answer has been of use to you.
Customer: replied 1 year ago.

The previous answer says that I could claim the total of 15,000 pounds, where as the tax return says @18per cent. Which shall it be?

Expert:  bigduckontax replied 1 year ago.
Neither: 18% is the writing down allowance. Buying new furniture would be from the Annual Investment Allowance (AIA) which was increased from 25K to 250K 1 Jan 13 - 31 Dec 14 since extended to 500K from 1 Jan 15 - 31 Dec 15. Unless you are re-equipping the Brighton Pavilion with antique furniture I suspect that you will find the AIA ample! Full details you can find here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293813/TIIN_6020_annual_investment_allowance_increase_to__500000.pdf
Customer: replied 1 year ago.

Please let me know in layman terms or in numbers what I should fill in my FHL return with regards ***** ***** 15,000pounds spent on furniture, TV etc. Thanks

Expert:  bigduckontax replied 1 year ago.
Box 23 of the SA102S or box 49 of SA102F. Enter the full cost of the furniture bought in the boxes as appropriate.
Customer: replied 1 year ago.

Sorry I did not explain that I have a 'Tax return for a non-resident company liable to Income Tax' form. I think it is SA700. The boxes are 1.xx, 2.xx, 3.xx etc.

Expert:  bigduckontax replied 1 year ago.
That is a Corporation Tax return form, not a personal tax one. Box 2.81 is the relevant box to complete.
Customer: replied 1 year ago.

Do you mean 2.18 Capital allowances

Expert:  bigduckontax replied 1 year ago.
Sorry, 2.61 on SA700, my error.
Customer: replied 1 year ago.

Thank you and goodbye.

Expert:  bigduckontax replied 1 year ago.
Please be so kind as to rate me before you leave the just Answer site.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3360
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.
Expert:  bigduckontax replied 1 year ago.
And also the bonus!

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