Farmers across the UK are being urged to make sure they take full advantage of the new Annual Investment Allowance (AIA) of £1million which came into force on 1 January 2019 and will remain at that level for 2 years. AIA gives 100% tax relief on the cost of new plant and machinery in the … Continue reading Plan Ahead for New Machinery Purchases
Certain plant and machinery can qualify for what’s known as Annual Investment Allowance (AIA), which allows businesses to claim for the cost of the new asset (up the specified threshold) in the year of purchase. The current Annual Investment Allowance is £200,000 (in the year to 31 December 2015 the limit was £500,000) and it’s … Continue reading Tax Allowances on the Farm
The Annual Investment Allowance (AIA) dictates up to what amount you can deduct the full cost of qualifying plant and machinery from your taxable profits. Any expenditure incurred outside the AIA is relieved through writing down allowances. As covered in our blog posted 27th July, from 1 January 2016 the AIA is reducing from £500,000 to £200,000, which will come as a … Continue reading Changes To Plant & Machinery Annual Investment Allowance
If you are buying a new piece of equipment for your farm, it is important to consider whether your existing building is large enough to house it, and if not, whether a new building is required or if the building can be extended. Before undertaking a building project you should consider what tax reliefs are … Continue reading Looking To Construct Or Extend Your Farm Building?
There is a significant difference, for tax purposes, in vehicles classed as cars by HMRC and those classed as commercial vehicles. Cars with CO2 emissions of 95 or less will attract a 100% write off in the first year, but most will only receive capital allowances of 18% each year on a reducing basis. Worse … Continue reading Do You Want To Get Maximum Tax Relief For Your Vehicles?
There are a number of items in the recent Budget that are important for farming businesses and landowners. However, we have identified these 2 points as particularly significant in some cases: There will be an increase in the maximum amount of Annual Investment Allowance to £500,000 from April 2014 to 31 December 2015, after which … Continue reading Budget 2014: Important Changes