Capital allowances Articles

Invest and save tax

Maximizing Tax Relief for SMEs Businesses utilize the AIA as a powerful tool to manage their tax liabilities. It's essential to note that the AIA isn't a one-time benefit; instead, businesses can claim it as an annual allowance year after year. This flexibility enables businesses to strategically plan their capital expenditure to maximize tax relief. Small and medium-sized enterprises (SMEs)...

Full expensing

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. It should be noted that full expensing is only available to companies subject to Corporation Tax. Plant and machinery that may qualify for full expensing...

Repairs or replacement of business assets

The term 'capital allowances' is used to describe allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses that can be deducted from business income when calculating your taxable profits....

Deferring National Insurance payments

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain...

Check a VAT number

The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK...

Closing a limited company

There are a number of reasons why you may need to close your limited company. This could be because the...

Beneficial tax-exempt loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan.

Register an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the...

Employing staff for the first time?

There are a number of rules and regulations that you must be aware of when you employ staff for the...

Company names – new regulations

A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain...

Customs declaration deadline

A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June. Businesses exporting...

Lifetime transfers and liability to IHT

There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts...
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