9 March 2020
Buying new equipment for your business before 6th April 2020?
Your business year-end, not 5th April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). Read on to find out more...
Rather than increasing headline tax rates it is understood that the Government are considering the abolition or restriction of many tax reliefs that we have got used to relying on. This would also have the effect of increasing tax revenue, but it is likely that the changes will impact on those who are better off.
How does it work?
The AIA provides a 100% tax write-off for equipment used in your business. This tax relief extends to fixtures and fittings within business premises such as electrical, water and heating systems.
AIA does not apply to motor cars but there is a special 100% tax relief if you buy a new car that emits no more than 50g CO2 per kilometre.
Questions? We can help!
Get in touch with us, let us help you! Our team of tax experts can offer business advice and help you maximise your tax efficiency. Contact our Director, Nick Bonnello, today on 0115 964 8860 or email him at firstname.lastname@example.org toutilise your free, 30 minute consultation and find out how we can help you across all areas of your business.
The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.