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
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
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
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 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 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
Unless the annual investment allowance (AIA) applies it can take well over a decade for your business to receive tax relief for the purchase of equipment. If you overlook the AIA can you go back and
claim it later?
Published 09.06.2022
Your accountant has suggested transferring your business to a limited company to save tax and NI. While you’re leaving the red tape up to her are there any steps you can take to make the transfer
even more tax efficient?
Published 08.07.2021
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
If you own IT or other equipment primarily for personal use you might also use it for work from time to time. Despite it being a personally owned asset, are you entitled to claim a tax deduction for
it?
Published 02.10.2019