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This has cleared all my doubts regarding capital Allowances.
I was having a problem with fixed rate mileage allowance thinking why this figure is not deducted as part of capital Allowances.
But now I have understood that we don’t have to do capital Allowances when we calculate fixed rate mileage allowances.
I was actually doing the reverse. Deducting from trading profit directly of what actually should have been for Capital Allowances (option 1). Instead of putting this figure specifically under Capital Allowances.
So very grateful to you.
I’m really sorry about posting it here.
Okay now I got it clearly. It meant taxpayer can make an appeal within 30 days of he doesn’t agree to HMRC amendments.
But 12 month rule applies if he wants to amend his own returns which he thinks that he might have made error etc.That’s very clear now.
Thank you 🙂
I have a new doubt regarding Chapter 15. I’m not sure if I am supposed to open it as a new topic or I can post it here. Apologies if I am not supposed to post it here.
My doubt is about the taxpayer requesting for amendments.
In Section 4 (g), it states that the taxpayer can give notice within 12 months of the 31 January 2028.
In Section 11, the appeal against amendments must normally be made within 30 days of the amendment.
This part is confusing me.
Thank you once again for helping. I’m so glad to have you as our tutor. And also thank you for quick responses.
Actually I have an exam next month, that’s why I’m kind of rushing things up a bit.How often is Goodwill asked in the exam related to rollover relief? I’m a bit worried about this one that’s why.
I have understood the rest that you’ve explained.
Thank you so much.
Thank you for replying. This has cleared my doubt.
Yes that’s correct. I was referring to Example 4.
Also I wanted to ask if the dates (apart from election date and CGT repayment date etc) are important to remember? For eg. 22nd of every month to pay taxes, under investor’s relief 17th March 2016, since there are so many dates to remember, it feels cumbersome.
Thank you so much once again.
I also wanted to ask if only those buildings qualify for SBA allowance that are under construction or development but not the old or already used ones.
Thank you.
I’m so grateful to you. You’ve explained it so clearly. All my doubts have been cleared.
Now I do understand how 25% is calculated. It’s the difference between 20% and 45%.
And
Also that BRB can be extended when we calculate CGT.Also it was helpful knowing about CGT saving in detail that we save 20% at source plus an additional 6% being the difference between 18% and 24% and how we arrive at the calculation.
Thank you so much.
Thank you so much for helping and also very grateful for all the tax lectures and notes. We can understand that it was a huge job in getting the videos and notes uploaded.
So thank you once again for it.Thank you for replying.
It is pretty much clear now.
Under Cash basis, if plant and machinery are sold then the receipt would be included as a trading receipt and will not be included in the Capital Allowances. Under Capital Allowances, only cars will be included .Under accruals basis, both cars and plant and machinery would be included.
Thank you so much for taking the time out to explain.
You have explained it so clearly.
I was getting confused about this even when doing this from Kaplan text. But then when I was watching your lectures, it was pretty clear but just to make sure that no doubt is left, I thought it’ll better if I posted my question here. Now I can move forward to the next topic.Once again, thank you.
I have been doing the question again and maybe I do understand what the question meant.
Am I right to think that the nominal value for next 2 years after the initial 5 years will be ‘x’ amount but lower than the PV 87,500.
And when added together will cost a bit more than 87,500, ie 87,500+x, which is not economical because it is costing us more.
So therefore 87,500 over 6 years is more economical?
Thank you for taking your time to help me.
Sir I still have 2 questions.
1. Do we have to discount back the nominal rentals to PV as well?
2. How is it economical to take 6 years as the useful life?
Thank you Sir. And also sorry for the trouble.
No, thanks to you Sir for helping all the students achieve their goals. And also thank you for boosting my confidence.
I’ll do my best.
Best regards,
Sayeda
Thank you so so much.
Your explanation made it so much clear.This part was very confusing for me. If a concept is not clear, I am afraid that I’ll make mistakes. So it was important for me to understand this concept, also for future application.
I searched for this but didn’t know that the classification is done just like the classification done for shares. It makes so much sense now.
Thank you Sir.
Thank you so much for your reply.
My confusion has been cleared now.
Thank you once again.
Thank you for replying Sir.
Sir I’m still confused because I thought that the word ‘above’ was actually pointing out to price which is ‘above’ the equilibrium price which causes the demand to decline.
Thank you so much Sir. It’s such a relief because I was a bit worried.
Thank you once again Sir.
I was thinking the same that maybe there’ll slight changes in the internal service due to centralisation. But I guess I was focussed much on the “basic service’ which I thought shouldn’t change much.
But then after your reply I referred to my textbook again to try to understand if there were supposed to be any changes and what I can think of is maybe the changes they’re talking about is of the advantages mainly ie:
Cost-saving
Reduced duplication of roles
More improvement in service provisionI don’t know if I’m right about this but I’m thinking that these might probably be the changes they’re talking about.