Backdating capital allowances

08-Nov-2015 14:56 by kruimelz 9 Comments

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I was aware that there was a time limit for backdating Capital Allowances, but would appreciate any advice, or suggestions as to where to access the relevant guidance. Given that the original 2011 Return was submitted as an estimate, and I have merely corrected the figures, is the deadline relevant. If it is, is there some other avenue for me to get the Return amended, as the actual profits, after Capital Allowances mean that no tax should have been due. Not sure if this is relevant, but all the capital allowances relate pooled assets brought forward from the previous.I will be researching this myself, but any advice, or help in my research would be gratefully received.

After reading this again you might well be out of date if it's capital allowances only. Mikeyban has correctly explained the position, drawing a distinction between the 2010/2011 Return and the 2011/12 Tax Return, the former being "out of time", but the latter "in time".As regards the other Capital Allowances on that Return, however, you should re-work your Capital Allowances calculation to exclude those Allowances ( ie effectively waive those Allowances) - the effect of so doing is of course that those Allowances are not "lost" forever, as the balances carried forward will be increased by those "waived" Allowances. Carer's Allowance is paid to people who care for someone who receives either Attendance Allowance, the middle or higher rate of the care component of Disability Living Allowance (DLA) or the Daily Living component of Personal Independent Payment (PIP).It is paid regardless of the carer's national insurance contribution record or their income or capital.Hence a formal "Overpayment Relief" claim is necessary re the 2010/11 Return (under Schedule 1AB Taxes Management Act 1970) ; whereas the 2011/2012 Return simply requires a formal amendment (on or before 31 January 2014).Mikeyban has also (in his amendment to his original post) correctly stated that whilst your client can include, in the "Overpayment Relief" claim re 2010/2011, the correct self-employment figures, your client cannot unfortunately include any Capital Allowances if, as your question states, no such Capital Allowances were shown on the original Return.

The logic of the exclusion of Capital Allowances is that, since the client was entitled to claim any Capital Allowances figure, up to the maximum amounts for each Box, on the original Return( and consequently could this have waived them entirely), then the exclusion of Capital Allowances from the original Return cannot be said to be an "error" ( you may be aware that "Overpayment Relief" replaced, with effect from April 2010, "Error or Mistake" Relief).

If, when you submitted the 2010/11 amended Return (ie the Return correctly returned to you by HMRC) it contained any "Balancing Allowances", then those Allowances are "lost" forever.

Have been approached by a client whose tax affairs are in arrears.

Both he and his previous agent have not been well, and the latter submitted the 20 Tax Returns with estimated figures, and marked the Returns as being so.

I have now prepared replacement Tax Returns and submitted the 2011 Return direct to HMRC.

However, they have returned this to me saying that the time limit for claiming Capital Allowances was the 31st January 2013.

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