The government approved some temporary tax relief to owners of property damaged in the quake-struck north Tuesday, as the premier promised swift help for small-scale businesses in the region — one of Italy's more productive.
There’s a new deadline this year for Iowa business owners with real property. Iowa business owners have a January 15, 2014 deadline to apply for the business property tax credit enacted in this year’s legislative session.
We’ve been closely monitoring the effect of the implementation of the 2012 Finance Bill on capital allowances claims this year and, as predicted, we’re seeing the worst-case scenario unfolding.
Essentially the changes in regulation stipulated that any individual or business owning a commercial property has to identify the capital allowances in their commercial property at the point of being bought or sold, or they could be lost permanently.
After a two-year transitional period, the 2012 Finance Bill will finally be implemented on 1 April 2014. For any individual or business that owns commercial property, this date is vital: from that moment on, unless unclaimed capital allowances relief is identified and crystallised at the point at which commercial properties are bought or sold, it will be lost forever.
Regulation changes implemented from 1 April onwards means that any individual or business that owns a commercial property has to identify the capital allowances in their commercial property at the point of being bought or sold, or they could be lost forever.
However, as very few parties involved in commercial property transactions understand the changes to the tax regime, the amount of lost tax relief will continue to grow month on month.
At shortly after 1945ET, a massive 8.0 earthquake hit close to the coast of Chile: *MAGNITUDE 8.0 QUAKE HITS OFF COAST OF CHILE, USGS REPORTS FALSH: TSUNAMI WARNING ISSUED AFTER MAGNITUDE 8.0 QUAKE HITS OFF *QUAKE CUTS ELECTRICITY SUPPLY TO MUCH OF ARICA, CHILE: TVN The BBC reports the quake was shallow (which means it felt more powerful) and the tsunami wave's arrival is imminent. The tsunami zone...
What are capital allowances?
Capital allowances are a form of tax relief available to commercial property owners and many leaseholders on items bought for use within the business. They apply to expenditure on things such as plant and machinery, some office equipment, fixtures and fittings and integral features. Capital allowances are often inaccurately assessed and processed by accountants, meaning that the majority of businesses are missing out on significant tax benefits.
What are the benefits of claiming capital allowances?
They will also be in the minority because more than 90% of UK commercial property owners completely fail to capitalise on their unclaimed capital allowances each year.
The tax concession could be worth 25% of the HMV’s reported price tag of £50m
Each outlet within HMV’s 220-store portfolio would be eligible for tax relief of between £280,000 and £350,000 on average. HMV’s flagship store on Oxford Street alone may contain claimable items estimated at £1.92m.