Advice from EQ Accountants
Repairs costs in relation to your fixed assets are tax deductible, however new fixed asset purchases can also result in significant tax savings.
From 1 January 2019 the Annual Investment Allowance his increased to an annual spend of £1million. This is an increase from the £200,000 previously and been increased for the next 2 calendar years.
Capital allowances are available on equipment, plant and machinery or potentially part of the cost of a new property purchased and can be fully deductible against your business’ taxable profits. These assets do not need to be brand new, only new to the business.
There are various rules when your accounts year splits the calendar year, therefore please contact your tax specialists at EQ to ensure you are making the most of your capital allowances.
tel: 01307 474274