Date posted: 3rd Mar 2020
Your business year-end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA).
The AIA provides a 100% tax write-off for equipment used in your business. This tax relief extends to fixtures and fittings within business premises such as electrical, water and heating systems.
AIA does not apply to motor cars but there is a special 100% tax relief if you buy a new car that emits no more than 50g CO2 per kilometre.
If any of the updates in this article raise any issues for you or your business, please contact our Tax team here or call us on 01325 349700.
Read more below:
- Changes to paying capital gains tax on residential property on April 6th
- Tax planning a new year priority says Darlington tax expert
Read more March 2020 tax news below:
- The employment allowance – new rules
- Yet another chancellor – Big changes in the Budget?
- Inheritance tax in the spotlight
- Will pension tax relief change on the budget?
- Consider other tax efficient investments
- Don’t lose your personal allowance!
- Year-end tax planning – CGT, ISA’s and pension planning