Do concrete panels count as fittings

[onthehoof]

Just wondering if we put up a new shed with concrete panel walls can we offset them against tax.

 

[Surgery]

Just wondering if we put up a new shed with concrete panel walls can we offset them against tax.

Yes

 

[Hesston4860s]

Yes

My accountant wouldn’t wear it when I got some for my shed !, he’s very very good on most things tho.

 

[Surgery]

My accountant wouldn’t wear it when I got some for my shed !, he’s very very good on most things tho.

Always led to believe they are classed as fixtures and fittings by ours , mind you she is the Mrs !!

 

[dazza b]

No I’ve tried this the accountant said no [emoji20]

 

[Dave6170]

Yes theyre moveable equipment. Its one of the main attractions with panels vs poured walls

 

[Wombat]

As ours are concreted in at the bottom ours said it was pushing the realms so I didn't bother. In the end it would be me arguing with an inspector so hey ho

 

[Andrew K]

Best to claim some of the concreting as yard repairs if you can, but bolted walls are hardly mobile.
We successfully got wooden drying floor accepted once mind you as I proved to Revenue that they could be removed and reused elsewhere.

 

[mo!]

Used panels are tradeable so they are plant.

I'd be interested in any used panels. 20' 150mm.

 

[Tarw Coch]

Used panels are tradeable so they are plant.

But so are second hand sheds.

I realise plenty of folk do claim panels as plant but the advice of my accountant is that if panels are used to do a job in the same manner as a fixed wall be it blocks or whatever then they shouldn’t be claimed as plant.
If on the other hand panels are used because there is a need for them to be moved at times as part of the normal and intended use of the building then they can be claimed as plant.

Ultimately it will be down to the shed owner to justify their claim in the event of an investigation by HMRC.

 

[mo!]

But so are second hand sheds.

I realise plenty of folk do claim panels as plant but the advice of my accountant is that if panels are used to do a job in the same manner as a fixed wall be it blocks or whatever then they shouldn’t be claimed as plant.
If on the other hand panels are used because there is a need for them to be moved at times as part of the normal and intended use of the building then they can be claimed as plant.

Ultimately it will be down to the shed owner to justify their claim in the event of an investigation by HMRC.

Sheds that are bolted down are plant as well. It's only when you concrete them in that it becomes a building.

Sounds like you need a better switched on accountant.

 

[David.]

What matters is if you are prepared to fund being a test case...

 

[Tarw Coch]

Sheds that are bolted down are plant as well. It's only when you concrete them in that it becomes a building.

Sounds like you need a better switched on accountant.

I take it your accountant agrees with what you say, I hope he will be backing you up if HMRC disagree.
Ultimately you are liable for all work done on your behalf by the accountant in the eyes of HMRC.

 

[mo!]

I take it your accountant agrees with what you say, I hope he will be backing you up if HMRC disagree.
Ultimately you are liable for all work done on your behalf by the accountant in the eyes of HMRC.

You've got it the wrong way around. I agree with my accountant and others I have spoken to. Any advice they have given me which is wrong will cost *them*.

Drainage work can be written off too. There's always a previous system which is being repaired...

 

[onthehoof]

What about if you put shed up and then add panels say 6 months later

 

[neilo]

I take it your accountant agrees with what you say, I hope he will be backing you up if HMRC disagree.
Ultimately you are liable for all work done on your behalf by the accountant in the eyes of HMRC.

My accountant’s advice has always been that panels are P&M as they are movable. I would happily sit across the table from a HMRC inspector and argue that, as a tenant farmer, I have used panels because I have every intention of loading them up and removing them when I give up the (fixed term) tenancy. Whether that happens, or an incoming tenant agrees to buy them off me, or I stay on here, is a different matter of course.

I don’t think i’d Be confident enough to argue the case for a bolted down building though.....

 

[mo!]

My accountant’s advice has always been that panels are P&M as they are movable. I would happily sit across the table from a HMRC inspector and argue that, as a tenant farmer, I have used panels because I have every intention of loading them up and removing them when I give up the (fixed term) tenancy. Whether that happens, or an incoming tenant agrees to buy them off me, or I stay on here, is a different matter of course.

I don’t think i’d Be confident enough to argue the case for a bolted down building though.....

There are manufacturers of "temporary" buildings which are held with above ground bolts so that they can be removed at the end of a tenancy. Surely these are plant.

 

[Poorbuthappy]

What matters is if you are prepared to fund being a test case...

I was told there's been a test case and HMRC won.
Obviously plenty accountants prepared to risk it though it seems.

 

[Pan mixer]

My accountant always says that in a dispute with the revenue we have signed the accounts as a true record therefore we, not the accountants, are liable for any discrepancy.

 

[rob1]

My accountant always says that in a dispute with the revenue we have signed the accounts as a true record therefore we, not the accountants, are liable for any discrepancy.

That is true but if you ask a professional for advice and he gets it wrong then he must be liable, if not why the hell use one? I dont, and am happy that anything I claim for I can back up