Are you using all of your tax allowances effectively?
Did you know that you can now claim the full amount of the money you spend on used plant and machinery up to £1m against your tax?
Yes, £1m, a huge amount for most UK businesses!
Your accountant should be able to advise you, but here are a few links to the government’s websites to help you….
What can and can’t you claim on?
How long does the £1m ‘temporary increase’ in Annual Investment Allowance last?
Want to print out HMRC’s entire guide? – click here, scroll down, select the print entire guide option
PB’s top tip:
It’s a good idea, say 4 months before your year end, to estimate your likely annual profit and thus your tax liability, and plan your machinery purchases accordingly – with a 100% reduction in your taxable profits for any new or used machinery purchases, what you buy, when and how have never been more important.
And if you need some help raising the finance to buy, just let me know…