💥A little TAX TIP!💥

WHAT ARE CAPITAL ALLOWANCES?

1. Capital allowances are the tax equivalent of depreciation and can be claimed by businesses buying assets to use in their trade or profession.

2. These allowances are claimed as a deduction from profits or they can increase a trading loss.

3. Capital allowances are set at different rates depending on the type of asset, the type of person making the claim, and the location of the business.

4. Not all assets qualify for capital allowances: they must be purchased for use in a business.

So, the moral of the story is….

If in doubt, give us a shout!

🐹Max and Sam🐹