What are capital allowances?
They are tax deductions for qualifying capital expenditure rather than ordinary day-to-day business costs. They can apply to plant, machinery and other qualifying assets.
Identify qualifying assets
Separate equipment, fixtures, buildings, cars and private-use items. Keep invoices, dates, asset descriptions and the business-use position.
Claim and review
Review the allowance used, the accounting treatment and any disposal or private-use adjustment before the Company Tax Return or Self Assessment return is filed.
Official sources.
Check the current guidance before you rely on a rate, threshold, deadline or relief.
Need help with asset records?
Swift Accountancy can review asset schedules and the accounting information needed for a capital allowances claim.
Discuss capital allowances