Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for 'capital’ expenditure'. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. There are different rules that apply depending on the type of capital expenditure, and only the person who bought the item can claim a capital allowance.
We will focus below on what plant and machinery purchases HMRC says qualifies for a tax allowance.
Plant and machinery includes:
Integral features include:
You can’t claim capital allowances on:
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Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain
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A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the
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