Having lost out at the first tier tribunal, HMRC took racing giant McLaren all the way to the upper tribunal to see a judgement in their favour, in a recent tax case. Back in 2007 a (one can only imagine, disgruntled) former Ferrari engineer passed confidential design and performance information onto McLaren regarding Ferrari's Formula One cars, which McLaren … Continue reading HMRC Takes The Driving Seat
Trying to establish whether a repair is an allowable trading expense or a capital deduction can be a minefield. It is a complex and grey area and causes many problems. HMRC state that a repair means the restoration of an asset by replacing subsidiary parts of the whole asset. If there is a significant improvement … Continue reading Repair – capital or revenue expense?