Key findings and statistics from HMRC’s research on Capital Allowances
HMRC recently published a brief but informative piece of research on Capital Allowances aimed at creating a better understanding of how businesses use these allowances. Capital Allowances let businesses deduct some or all of the value of items from their profits before they pay tax. The main allowances are for plant and machinery, structures and […]
Global Energy Group: Capital Allowances Case study
About the client Global Energy Group consists of a range of specialist service-focused companies and world-class facilities, focused on delivering strategic excellence, meeting the challenges and objectives of their clients. It is continued investment, that drives Global Energy Group’s high performance standards, and positions them as a leading partner for leading energy industry clients, across […]
First Tier Tribunal Rules in Favour of Mersey Docks on £57M Capital Allowances Claim
In a recent capital allowances case, The Mersey Docks and Harbour Company Limited secured a significant legal victory against HMRC at a First Tier Tribunal concerning capital allowances for the construction of a quay wall at the Port of Liverpool. The case ([2024] UKFTT 001163 (TC)), centred on whether the £57.13m expenditure, incurred in the […]
UK Spring Statement 2025: Key updates for businesses
The Chancellor, Rachel Reeves, has delivered her first Spring Statement, outlining the government’s plans to balance the books and boost economic growth for the UK’s sluggish economy. The announcements came in face of the news that the Office for Budget Responsibility (OBR) has halved the UK’s growth forecast for 2025, from 2% to 1%. Despite […]
Our guide to Capital Allowances
Capital Allowances allow businesses in the UK to deduct the value of qualifying capital expenditure from their taxable profit. This essentially means that the government is giving you tax relief when you invest in your business with purchases such as equipment, machinery, motor vehicles, fixtures and fittings, and commercial property acquisitions/construction/renovations. Instead of paying tax […]
Everything you need to know about the Full Expensing
In this article, we define the Full Expensing and explain how it works, what assets qualify, why it was introduced, and how we can help companies to maximise claims for this generous tax relief. What is Full Expensing? Full Expensing is a first-year allowance that allows businesses to reduce their tax liability and free up […]