Tax Relief

[AC123]

Hi

Understand you can have tax relief on vehicle and machinery purchases etc

Can land or warehousing be bought and worked in the same way? Say income of £250k, costs of £150k so pretax profit of £100k. But you've bought £50k worth of land for storing products so can pretax profit be reduced to £50k?

Ta

[Eric Mc]

No.

Next question.

You are technically asking "Can I claim Capital Allowances on the purchase of Land and Property?"

If any of the purchase cost of the land and/or property covered "Plant and Machinery", then that aspect of the cost can be eligibile fort Capital Allowances.

[Countdown]

AC123 said:

Hi

Understand you can have tax relief on vehicle and machinery purchases etc

Can land or warehousing be bought and worked in the same way? Say income of £250k, costs of £150k so pretax profit of £100k. But you've bought £50k worth of land for storing products so can pretax profit be reduced to £50k?

Ta

If you paid rent for land/property you could offset that against your gross profits.

[Alpinestars]

You can get capital allowances on commercial buildings. But it’s at a much slower rate than plant and machinery.

[khushy]

Alpinestars said:

You can get capital allowances on commercial buildings. But it’s at a much slower rate than plant and machinery.

Even for FAST machinery?

[Alpinestars]

khushy said:

Alpinestars said:

You can get capital allowances on commercial buildings. But it’s at a much slower rate than plant and machinery.

Even for FAST machinery?

Boom boom.