Currently HMRC offer 100% tax relief in the year of purchase on up to £500,000 of expenditure on certain assets.
Popular examples include plant & machinery, vehicles [except cars], fixtures and fittings & computer equipment.
However, be warned, this £500,000 is to reduce to £25,000 for expenditure after 1 January 2016.
This means, potentially you could purchase £500,000 of qualifying assets on 31 December 2015 and get £500,000 tax relief but buy the same £500,000 of assets a day later only £25,000 of relief would be available.
There are detailed rules setting how the amounts are apportioned to your business’s accounting period…the result is that some small adjustments to timing could make all of the difference.
If you would like to discuss how these rules will apply to your business please contact Lesley Sutton on 01484 550 037 or email email@example.com