If you buy equipment for use in your business you’re entitled to claim a tax deduction for the cost. But who can claim the deduction if the equipment is shared by two or more businesses?
Published 03.12.2015
When you buy a business premises you can decide with the seller how much of the price relates to fixtures and equipment which tax deductions can be claimed for. But how can you be sure you’re
claiming all you’re entitled to?
Published 09.03.2010
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
You’ve just spent £2,900 on a high-end PC for your home office on a buy-now-pay-later contract. Your family will make some use of it and your company will pay a contribution to the cost. What tax
allowances can you claim and when?
Published 07.07.2016
Whether an expense is capital or revenue determines how soon it qualifies for a tax deduction, and possibly if it qualifies at all. What does HMRC’s updated toolkit say about tax relief for the cost
of repairing a newly acquired asset?
Published 21.09.2016
You’re renewing the company’s PCs. One of them is less than three years old and far more up to date than your current home computer. If the company gives it to you, what tax charges will arise and
can you reduce them?
Published 28.04.2017
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
Tax relief for buying equipment used in your business is given as capital allowances. You or your company can claim the capital allowances depending on who buys and owns the equipment. But which is
the most tax efficient option?
Published 30.06.2021
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
You bought used machinery from another trader who agreed to accept payment over six months. Most of the cost falls into your next financial year, but as you’re already using the machinery can you
claim the tax deduction now?
Published 13.06.2019