We are delighted to bring you our summary of the key announcements in the Budget 2018 statement, made on Monday, 29 October. The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead … Continue reading Budget 2018: What you need to know
Businesses which invest in energy-saving plant or machinery may be able to take advantage of an additional tax break. Capital expenditure is covered by the Annual Investment Allowance (AIA), which gives full tax relief for capital expenditure in the year of purchase, and covers most plant and machinery up to an annual limit of £200,000. … Continue reading Considering Enhanced Capital Allowances
The tax treatment of cars under the capital allowances system changed with effect from 1 April 2018. The new rules are likely to have a significant impact on many businesses. Here we consider the changes in more detail. ‘Capital allowances’ is the term used to describe the deduction we are able to claim on your … Continue reading New Rules on Capital Allowances and Cars
Businesses looking to purchase capital equipment are able to claim tax relief in the form of capital allowances. Here we outline some of the key details. What is the Annual Investment Allowance? Businesses purchasing plant and machinery are able to make use of the Annual Investment Allowance (AIA), which allows the costs for equipment, machinery … Continue reading Are You Making the Most of Capital Allowances?
Our latest newsletter is here, packed with information on estate planning, VAT schemes, capital allowances and much more! To view our latest newsletters, visit the publications section of our website. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Corporation tax is set to reduce to 19% with effect from 1 April 2017 but opportunities still remain to reduce and defer corporation tax liabilities. Here are some you may wish to consider. MAXIMISE CAPITAL ALLOWANCE The annual investment allowance (AIA) provides 100% tax relief for qualifying expenditure incurred up to a limit of £200,000 … Continue reading Year End Tax Planning Tips For Companies
Business groups have outlined their priorities for businesses and the economy ahead of the 2017 Spring Budget. In a letter to Chancellor Philip Hammond, the Confederation of British Industry (CBI) called on the government to ‘back business’s growth ambitions’ to help build prosperity across the UK, and to work alongside firms to ‘prioritise stability’ during … Continue reading Business groups set out Spring Budget priorities
Having concluded that a reduction to £25,000 would not be “remotely acceptable”, from 1 January 2016 the chancellor has set the Annual Investment Allowance at £200,000 - “it’s highest permanent level.” For those businesses whose financial year is not in line with the calendar year transitional rules will apply and the Annual Investment Allowance will be apportioned … Continue reading Changes to Annual Investment Allowance from January
http://www.youtube.com/watch?v=NUwV2I5HtC8 To find out what other announcements were made in the Chancellor's Budget, read our Budget Summary.
Our updated Tax Tables are available here - find out what the new rates mean for you. If would like to read our summary of the 2015 Budget, then please follow this link: Budget Summary 2015 The main issues include: Farmers averaging - Farmers will be able to average their profits over five years instead of … Continue reading Budget 2015 and 2015/16 Tax Tables