Green Heating & Lighting
Under normal circumstances heating systems have been considered as part of a building and not part of a business's 'plant' and so tax deductions could not be made on improvements or replacements.
However, as part of the drive to decrease carbon emissions and reduce energy consumption, the Government have introduced a new enhanced capital allowance (ECA) by which businesses can claim 100% of the cost of introduction of energy efficient heating and lighting. Challenges on these claims by the Taxman are likely to be few and far between in the current climate and revisions to previous tax returns can be made retrospectively for up to a year.
Source - ICPA, Practising Accountant.
Lending fell by £4.3 billion, pushing the annual decline to 8.1 per cent - the biggest drop since records began in 1999
HMRC's Business Payment Support Service, which helps businesses spread their tax payments over a more convenient timeframe, will be expanded.
HMRC has indicated that from 1st April 2010 it is expected that the majority of VAT registered businesses will be required to file their VAT returns online.
Under normal circumstances heating systems have been considered as part of a building and not part of a business's 'plant' and so tax deductions could not be made on improvements or replacements.
