Qualifying assets often include tangible assets used for business purposes, such as plant and machinery. However, the term ‘plant and machinery’ isn’t defined in law, which means expert advice is even more important to ensure qualifying items aren’t missed, such as integral features. Learn more about what can be claimed.
Capital Allowances are tax deductions that businesses can claim on certain types of expenditure for commercial properties. These include machinery, and equipment that are used for business purposes. These allowances enable businesses to offset the cost of these assets against their taxable profits, reducing their overall tax liability. Understanding and maximising capital allowances can significantly benefit businesses by improving cash flow and reducing their tax burden.
However, not everyone is familiar with the rules, regulations and eligibility surrounding Capital Allowances. Explore our FAQs to learn more
