Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.

From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.

HMRC will continue to treat double cab pickups as goods vehicles for the purposes of the BIK and capital allowances rules.

HMRC has written to companies that may need to share their AIA with fellow group members and related companies.

We consider the recent tribunal cases of Gunfleet and Acorn Venture, which have shed new light on some core capital allowance issues. From the Chartered Institute of Taxation.

HMRC has updated its guidance to make it clear that a partnership which includes a corporate member may claim capital allowances generally restricted to companies. These include the super deduction and full expensing.

Presentation slides to accompany the Tax Faculty webinar 'Expanding the cash basis', broadcast 18 April 2024.

The Tax Track is the new podcast series from ICAEW where we explore the latest from the tax world, and what it means for tax professionals, accountants, taxpayers and businesses. In this episode, we take a look at the wider implications of an unusual capital allowance case regarding camping pods that went to tribunal.

A representation dated 13 October 2023 to a consultation published by HM Treasury ahead of the Autumn Statement taking place on 22 November 2023.

A representation dated 6 September 2023 to a consultation published by the National Institute of Economic and Social Research.

Comment submitted on 29 June 2022 to a paper published by HM Treasury on 9 May 2022.

Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW in its response to HMRC's consultation on aligning basis periods with the tax year. ICAEW has urged the government not to implement to proposals.

Capital allowances are a type of tax relief for businesses. They let you deduct some or all of the value of an item from your profits before you pay tax.

Information on requirements for claiming enhanced structures and buildings allowance relief, how to apportion the relief, and how much businesses can claim. Includes examples with calculations.

Information on how to claim relief for qualifying expenditure for plant and machinery, how much businesses can claim, and withdrawal of relief. Includes examples with calculations.

Measure introduced in Budget 2021 offering an enhanced 10% rate of Structures and Buildings Allowance for constructing or renovating non-residential structures and buildings within Freeport tax sites in Great Britain, once they have been designated.

HMRC internal manual providing guidance on the meaning of research and development, qualifying expenditure, allowances and charges, disposal events and disposal values, demolition costs, and additional VAT.

Extensive collection of HMRC guidance on claiming and working out your capital allowances.

Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.

A series of short online presentations on capital allowances presented by Ray Chidell, a renowned author on the topic. The talks cover a whole spectrum of capital allowances issues, from fixtures and integral features to the definition of plant and the claiming of allowances, using examples to demonstrate how the rules work out in practice.