You can claim tax relief, known as capital allowances, for plant and machinery that you keep to use in your business. Assuming all criteria are met, the cost of items such as tools, equipment, desks and computers can be offset against profits in the year in which they are incurred. This is subject to the annual … Continue reading Tax Allowances for Caravans Used in the Business
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
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?