03.05.09

No re-classification of claims to be allowed.

HM Revenue and Customs Brief 12/09 issue on the 31st March 2009 specifically states that changes cannot be made to amend the incorrect allocation of expenditure to IBA’s or HA’s rather than plant and machinery under the error and mistake rules. The good news is that changes can be made if the tax year is still open which could in turn lead to a significant increase in tax allowances especially as IBA’s /HA’s are being abolished.

For more information on this issue, email our helpline@ca-4.co.uk or call 01905 619224.

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