Category: Tax Breaks & Finance For Your Business
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First-year allowances: the basics
Plant and machinery ‘first-year allowances’ enable you to make a claim for up to 100 per cent of the cost of certain qualifying items against your business profits in the year of purchase. First-year allowances of 100 per cent are currently available for expenditure on: For capital expenditure incurred in the 12-month period starting on…
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Capital allowances: the basics
If you buy an asset – eg a car, tools, machinery or other equipment – for use in your business, you cannot deduct your expenditure on that asset from your trading profits. Instead, you may be able to claim a capital allowance for that expenditure. Capital allowances are also available for certain building-related capital expenditure,…