Are you aware of tax reliefs associated with investment within plant and machinery!
The reliefs and allowances within the corporate tax system are an important factor in business investment decisions and I personally feel that “Full Expensing” is great news for all UK business.
The decision in the autumn to permanently set the Annual Investment Allowance at £1million, means 99% of businesses receive 100% tax relief on their qualifying plant and machinery investments in the year of investment.
The reliefs and allowances within the corporate tax system are an important factor in business investment decisions and I personally feel that “Full Expensing” is great news for all UK business.
The decision in the autumn to permanently set the Annual Investment Allowance at £1million, means 99% of businesses receive 100% tax relief on their qualifying plant and machinery investments in the year of investment.
Under “full expensing”,
- From April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying plant and machinery investments.
- Full expensing allows companies to write off the cost of investment in one go.
- For every pound a company invests, their taxes are cut by up to 25p
- Most tangible capital assets, other than land, structures and buildings, used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances.
There is no shortage of liquidity in our market and so we stand here ready to help SME’s and Corporates take advantage of these tax breaks.
More information can be found on the government website.
