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Capital allowances are tax reliefs available to businesses on certain types of expenditure. They're designed to provide tax relief for the wear and tear, or depreciation, of business assets over time. These assets could include machinery, equipment, vehicles, and even certain buildings.
The idea is that as these assets are used to generate income for the business, their value decreases over time due to wear and tear or obsolescence. Capital allowances allow businesses to deduct a proportion of the cost of these assets from their taxable profits each year, reducing the amount of tax they have to pay.
Capital allowances are typically claimed against profits for the accounting period in which the assets were acquired and put to use.
There are different types of capital allowances, such as the Annual Investment Allowance (AIA), which provides 100% relief on qualifying expenditure up to a certain limit each year, and Writing Down Allowances (WDAs), which provide relief on the reducing balance of the cost of assets not covered by the AIA.
The rules and rates for capital allowances can vary depending on factors such as the type of asset, the business structure, and the country's tax laws. It's essential for businesses to understand these rules to ensure they're claiming the allowances they're entitled to and maximizing their tax relief.
You can claim back up to 33% of your eligible R&D spend, and both profitable and unprofitable companies are eligible.
For a clear and simple guide to what R&D Tax Relief are and whether your company is eligible, download our PDF.
Whatever the industry, we can help you identify and make the most of R&D Tax Relief with an expert national team that makes the process as simple and rewarding as possible.
Chartered tax accountancy firm, successfully expanding its advisory tax services with Easy R&D.
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Partnering to unlock over £150,000 of tax credits at a critical time for a historic family owned brewery.
Rewarding innovation for a global leader in innovative hardware for racing and leisure boats.
If you'd like to learn how R&D Tax Relief could support your business, our team is here to help you.
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