Last chance to claim enhanced capital allowances
There is a special scheme known as the enhanced capital allowances (ECA) scheme for energy-saving technologies. The ECA scheme enables a business to claim accelerated tax relief
Patents, general considerations
A UK patent is granted under the laws of the UK, usually, by the UK Intellectual Property Office. Obtaining a patent can be a difficult and expensive endeavour. A patent only
What is the Annual Investment Allowance?
The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant, machinery,
Its still possible to claim 100% tax allowance for electric vehicles
First Year Allowances (FYA’s) are available for expenditure on new unused electric vehicles and other cars within the threshold for low CO2 emissions. Businesses can claim
Update on Structures and Buildings Allowance
One of the Autumn Budget 2018 measures was the introduction of a new structures and buildings allowance (SBA). The SBA allows for tax relief on qualifying capital expenditure on
Expenditure on building that qualifies as plant
Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed
Reduction in special Writing Down Allowance
Businesses can claim Capital Allowances tax relief for certain types of capital expenditure. For expenditure on plant and machinery that exceeds the Annual Investment Allowance
Maximum AIA calculations for split accounting periods
The recent, and temporary, increase in the AIA to £1m from 1 January 2019 creates computational issues if a trader’s accounting period straddles this date.
The following example
What is taxable when you sell a commercial vehicle or other equipment?
When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced – for tax purposes – by the amount of any Capital Allowance you
Don’t overclaim for equipment purchases
You can use the Annual Investment Allowance (AIA) to claim a very generous 100% first year tax relief for qualifying expenditure on plant and machinery. The allowance is available