Capital allowances help
Discussion
Looking for some advice on capital allowances - potentially a relatively complex scenario!
All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
Sway said:
Looking for some advice on capital allowances - potentially a relatively complex scenario!
All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
Your first (and probably only) stop should be your accountant. They will be best placed to understand your context and advise accordingly.All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
If you haven't got one, go hire one!
StevieBee said:
Sway said:
Looking for some advice on capital allowances - potentially a relatively complex scenario!
All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
Your first (and probably only) stop should be your accountant. They will be best placed to understand your context and advise accordingly.All relating to how/what HMRC would deem the asset as (at my count, there's four possible options that could all at face value potentially apply - with very different outcomes).
Then, especially if it's at the worst end of the spectrum, what actions my business might be able to take to mitigate this from a cash flow perspective (again, there's options from the business perspective).
Anyone got a contact they'd recommend?
If you haven't got one, go hire one!
I think R&D allowances could apply, if not then there's a potential to look at separation into two assets under different treatment. Or, there's no option but to accept massively reduced annual allowance for the asset - which seriously hampers our attempts at getting me out of Corp life, and running a small business that let's me enjoy life with Mrs Sway whilst we somewhat can (she has a degenerative genetic condition, which is worsening faster than we hoped/was thought likely)...
So there's quite a lot riding on getting this right, with as little risk as possible!
Myriad seem to specialise in doing R&D capital allowance applications, with a 'no success, no fee' basis - unsure of what sort of cost that might attract though (we really are bootstrapping this, so budget is tight - but equally if it helps us get to where we want to be...).
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