Tag: capital allowances
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Tax advantages for those starting up in business
New businesses can benefit from a variety of tax allowances and reliefs which could cut their tax bill. They include capital allowances for investment in equipment and premises, tax relief and credits for spending on research and development and stamp duty relief on residential properties in disadvantaged areas. But you won’t automatically receive these tax advantages. You need to find out what you…
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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,…