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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3814
Experience:  FCCA FCMA CGMA ACIS
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Leasehold Improvements. Just completing my brothers accounts

Customer Question

Leasehold Improvements. Just completing my brothers accounts - vehicle repair business. He has a leasehold premises, which his father and friends (have freely) helped him add an office. In the current year I have 1.2k of additions including wood, cement various building consumables. Bfwd there is 4k of similar expenditure which WDA at 18% has been claimed. Therefore question is can WDA be claimed, if so at what rate ?
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 help you with your question. As far as book keeping is concerned the costs of building the office should be debited to Fixed Assets and using depreciation written off over the term of the lease. As far as Capital Allowances is concerned The Gov UK web site has the following pertinent observation: 'Buildings themselves don’t qualify for capital allowances.' I am so sorry to have to rain on your parade.

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