Capital allowances and the super deduction

Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]

Capital allowances from 1st April 2021

As part of the Budget announced on 3rd March 2021, the Government introduced new temporary first-year allowances, including a 130% super-deduction, which will take effect from 1st April 2021 up to 31st March 2023. HM Treasury has provided a factsheet covering the super-deduction here. We have summarised the capital allowances applicable from 1st April 2021[…]

Capital allowances for plant and machinery

How to minimise business tax in 2018/19 If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates. Capital allowances provide the mechanism for tax[…]