Gordon says Spend to beat the Recession!
Thursday, October 30th, 2008Accounting advice from Liscombe Park residents - Fitzpatricks Accountants
From 6 April 2008 (1 April for companies) there is a new allowance of £50,000 to claim against your tax if you purchase new plant and equipment. Also you may claim enhanced Capital allowances if you invest in Eco friendly equipment. If you were considering spending on your business to get capital equipment, it means that now is probably a good time. There are some banks still willing to lend….
The downside is that Industrial Buildings Allowance is phased out, and the Writing Down Allowances for existing Plant and equipment, and cars is reduced to 20%. Expensive Cars are still classified as those costing over £12,000, so the maximum Writing Down Allowance drops to £2,400.
It is still worthwhile having a car to use for business either if you do not trade through a company or buy an Eco friendly (< 110 c02/km emissions).
If you’d like to discuss this please feel welcome to telephone Fitzpatricks Chartered Certified Accountants at Liscombe Park on 01296 689057
