Tax relief in the form of capital allowances (CAs) for expenditure on equipment often goes begging or is delayed because it’s overlooked or not claimed at the right time. What steps can you take to
improve tax efficiency?
Published 29.11.2023
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
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
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
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
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
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
When you buy machinery for use in your business you can claim tax relief in the form of capital allowances (CAs). You can also claim CAs for “plant”. But what exactly is this?
Published 10.11.2017
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’re replacing some of your firm’s machinery at great expense. Naturally you’ll want to maximise tax relief for this. Apart from the cost of the equipment, what other expenses can you deduct from
your business’s profits?
Published 03.09.2018