The Office of Tax Simplification (OTS) has published a new paper exploring the best way of providing tax relief for fixed assets, including motor vehicles. It is considering whether the use of accounts depreciation to provide relief for capital expenditure instead of capital allowances would simplify the preparation of tax returns for incorporated and unincorporated businesses.
The OTS is keen to explore any potential difficulties with this approach and would like to receive input directly from businesses, representative bodies and professional advisers, either in meetings or with written responses.
The consultation is open until 30 November 2017.
For more details, please contact BVRLA Director of Policy and Membership, Jay Parmar.