HMRC toolkits

HMRC have reviewed and updated the Capital Allowances for Plant and Machinery Toolkit for 2013-14. Three new risks have been added say Harris & Co accountants Northampton

The new risks added are energy-saving plant and machinery assets; asset ownership at the time of introduction to the pool; and changes to Annual Investment Allowance during a chargeable period.

The following risks have been substantially rewritten:

•Have the correct capital allowances rules for cars been applied?

•Has Annual Investment Allowance only been claimed where there is a qualifying person?

•Has a property together with fixtures that are plant and machinery been acquired or disposed of?

The risks in this toolkit are applicable for financial years commencing 1 April 2013 for company tax returns and 6 April 2013 for income tax self-assessment tax returns.

The updated toolkit is available from HMRC.

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