How to minimise business tax in 2018/19.
If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.
Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against profits.
Depending on the nature of the allowances, the deduction may be up to 100%, providing full write-off against profits in the year of purchase.
This update provides information on
- Plant and machinery
- Asset pools
- Annual investment allowance
- Small pools
Talk to us about capital allowances.