Concreting and tax relief

[Agrivator]

What concreting jobs around the farm, insisde and outside of buildings, quality for normal tax relief, and what are classed as capital expenditure.

 

[upnortheast]

Repairs to existing = taxable expense
New concrete not

years ago we concreted the farm road, previously stone / hoggin. Classed repairs / improvements to existing .so taxable expense.
Seems to depend on the pragmatism of your accountant

 

[goodevans]

Repairs to existing = taxable expense
New concrete not

years ago we concreted the farm road, previously stone / hoggin. Classed repairs / improvements to existing .so taxable expense.
Seems to depend on the pragmatism of your accountant

Or what you tell your accountant

 

[Goweresque]

Seems to depend on the pragmatism of your accountant

The pragmatism of your accountant is irrelevant if HMRC inspect you. You sign the tax return, you are responsible for the contents thereof, not your accountant. There seems to be a common fallacy that certain accountants can 'get' you a better tax deal, its nonsense as there is no deal, there's just what you declare on your tax return, and what you have to justify if inspected. All that happens is that certain accountants of the more slippery kind have realised that letting their clients file somewhat iffy tax returns that save tax means they get a reputation for saving clients money, which means more clients and more fee income. And of course if as a result of all this creative accounting a client gets inspected by HMRC they'll need representation, so more fees. New Porsches all round!

Never claim something you wouldn't be prepared to sit in front of a tax inspector and argue your case with. Just thinking 'well the accountant said I could so it must be OK' is closing your eyes and hoping the problem goes away.

 

[Nearly]

I know of one concrete road that has been shown to inspectors 3x.

 

[Exfarmer]

The pragmatism of your accountant is irrelevant if HMRC inspect you. You sign the tax return, you are responsible for the contents thereof, not your accountant. There seems to be a common fallacy that certain accountants can 'get' you a better tax deal, its nonsense as there is no deal, there's just what you declare on your tax return, and what you have to justify if inspected. All that happens is that certain accountants of the more slippery kind have realised that letting their clients file somewhat iffy tax returns that save tax means they get a reputation for saving clients money, which means more clients and more fee income. And of course if as a result of all this creative accounting a client gets inspected by HMRC they'll need representation, so more fees. New Porsches all round!

Never claim something you wouldn't be prepared to sit in front of a tax inspector and argue your case with. Just thinking 'well the accountant said I could so it must be OK' is closing your eyes and hoping the problem goes away.

Very good advice, i am well aware of a situation which looks as though someone who has long shouted about his tax avoidance is going to get a very big kicking soon, can say no more.
If you have any concern about something like this are repairs or not and you are happy they are, take pictures before and after.

 

[Steevo]

I know of one concrete road that has been shown to inspectors 3x.

Just shows how much repair it needed!

 

[upnortheast]

What I meant, from what I`ve seen, some accountants have enough experience to give firm advice on what would satisfy an HMRC inspection.
Others are over cautious which means more tax to pay.

 

[Exfarmer]

What I meant, from what I`ve seen, some accountants have enough experience to give firm advice on what would satisfy an HMRC inspection.
Others are over cautious which means more tax to pay.

This is also very true. Some years ago our accountant had a mental blip and his senior partner took over we soon had a tax refund of £35K which was a very welcome surprise

 

[robs1]

Before and after pictures are very important, just make sure the before pictures don't actually show any background

 

[Nearly]

Just shows how much repair it needed!

And I know of 2 neighbours running same breed of purebred suckler cattle, 150 in total. They each borrowed money against this year's 150 calf crop, from different banks.

 

[robs1]

And I know of 2 neighbours running same breed of purebred suckler cattle, 150 in total. They each borrowed money against this year's 150 calf crop, from different banks.

Isn't that the system governments and bank have been using for years, double counting is on point being honest is so last century

 

[Enry]

Having read the bumf for R&D Tax Credits and decided against any claims, I have spoken to others who have made significant claims and I would definitely not want to sit in front of an inspector for that!!