Capital allowances provide tax relief on certain types of fixed assets. They can prove to be extremely lucrative for trading businesses and the regime is currently more generous than ever.
This masterclass will provide you with an overview of the rules and what types of costs qualify for capital allowances. We will also look at potential pitfalls and how to get the most out of your claims, including what to look out for on a property purchase. We will also cover the changes that arose in the Budget and what that means from a practical perspective as well as some potential planning to make the most of these reliefs.
Our Panel:
Natasha Spicer – Senior Manager, Business Tax
Lucy Mangan – Partner, Business Tax
Key takeaways:
• A reminder of the costs which qualify for capital allowances
• The Annual Investment Allowance
• Budget changes including the new “super deduction”
• Fixtures in a property purchase
• Structures and buildings allowance