It really is this simple: Use it or lose it.
At CEF, we pride ourselves on helping our customers source competitive finance solutions tailored to their specific requirements; what we aren’t are tax advisors….
This being said, the simple fact remains that if you’re not taking advantage of Full Expensing and the Annual Investment Allowance, you really are missing out.
In simple terms, it’s that time of the year, with the financial year end approaching for many, that our customers need to ensure they’re taking advantage of their ability to write off their capital expenditure on plant and machinery against their tax bill.
“To benefit from the AIA, businesses need to make a claim in their tax returns. Adequate documentation, including invoices and details of qualifying assets, should be maintained to support these claims and comply with tax regulations.”
There are some subtleties associated with how and what can be claimed and the team at Yes TAX have written an article details them simply, which you can find here.
So if you’re making a profit and you’ve not taken advantage of this , pick up the phone and we can point you in the right direction. Your accountant/advisors will offer the absolute best advice on all matters tax but the message is clear; If you’re toying with the idea of a new purchase which qualifies, the time to act is now.
For all the details directly from HMRC, please see the links below:
