JCB Finance

Understanding tax allowances can be a tricky business, but it doesn’t have to be if you are armed with the latest information. HM Revenue & Customs (HMRC) itself states that it “wants to make it easy for customers to deal with their taxes and get things right, by making our products and processes more simple and straightforward, and by improving our customer service.” Along with the right information, timing is critical to any business in ensuring that tax allowances are utilised before it is too late. Tax allowances are claimed by businesses – also known as capital allowances on purchases or investments made on business assets. You cannot directly deduct your expenditure on those assets when calculating your profits or losses, instead you can deduct a capital allowance. This applies whether you’re self-employed and pay Income Tax or are a company or organisation that’s liable for Corporation Tax.

Adjacent Digital Politics provides a brief overview for the rules regarding capital allowances on plant and machinery…


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