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
Prevention is better than cure! - A saying that can often apply to reducing your tax bill. Taking a proactive approach to your accounts can often be the simplest way to save you tax in a number of ways, for example: Annual Investment Allowance (AIA) The AIA allows you to claim 100% of the cost … Continue reading Prevention is better than cure!
Take advantage of the Temporary Annual Investment Allowance Increase Back in Autumn 2012, the chancellor made a surprise announcement to increase the maximum amount of annual investment allowance (AIA) from £25,000 to £250,000 from 1st January 2013 for a temporary period of 2 years. (Following which, the allowance limit will drop back down to £25,000 … Continue reading Thinking of investing in large Plant and Machinery?