Nothing lasts forever, but with timely repairs you can extend the life of machinery and other equipment used in your business. However, getting a tax deduction for the repair cost isn’t always
straightforward. What’s the problem?
Published 05.02.2019
Our subscriber acquired two second-hand cars which he renovated for use in his business. He thought he would get immediate tax relief for the renovation costs but his bookkeeper says special rules
mean it will be spread over many years. Is that correct?
Published 03.12.2021
The Taxman has just published his tax “toolkit” on capital allowances. It’s intended to help you avoid mistakes when preparing your accounts and tax return. How should you use it and does it actually
include any useful tips?
Published 26.05.2010
HMRC recently updated its toolkit on the different tax treatment of capital and revenue expenses. But what it doesn’t tell you is that some capital costs are never tax deductible. How can you improve
your chances of qualifying?
Published 16.07.2013
The annual investment allowance (AIA) allows you a tax deduction for the cost of equipment for the financial year in which it’s bought. But it doesn’t always apply, meaning tax relief takes decades.
How can you slash this timeframe?
Published 30.11.2022
When you buy equipment for your business you may incur additional costs such as delivery fees. While you can claim capital allowances for the equipment what about the additional expenditure?
Published 16.10.2019
As the director shareholder of a company you can choose to personally buy equipment for your business or do it through your company. The tax consequences of each differ. What’s the best option for
you?
Published 13.10.2017
Last month, the annual investment allowance was drastically cut from £100,000 to £25,000. Worse still, if you don’t time the purchase of equipment right you’ll lose out by even more. What is this
trap and how can you avoid it?
Published 14.05.2012
Your company is on track to post a small loss in its current financial year. In view of this, what’s the most tax-efficient way for it to claim allowances for the expenditure it incurred on new
equipment?
Published 09.04.2018