No apologies for returning to this perennial issue, especially at this time of year when tax is on our minds. The latest experts to examine shedworking taxes are Oxford-based Ridgefield Consulting. Particularly useful in their roundup is what you can't claim as much as what you can. Here's a snippet on the plant and machinery allowance:
Although there is no allowance that will help cover the initial cost of the garden office, the cost of instillation for utilities such as electrical wiring, plumbing or thermal insulations can be covered as a capital allowance. This means that the cost of these can be deducted from your company’s profits to reduce your corporation tax bill. The plant and machinery allowance does not apply to anything that is not outrightly owned by the company, so if you hire any equipment such as air-conditioning just over the summer months, this cannot be claimed for. Other capital allowances that can be claimed include furniture such as desk, office chair, shelving, floor lamp etc.
But as we always advise, please do talk to your own tax adviser before taking any action.
Image courtesy eDEN Garden Rooms
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