Capital Allowances Tip before Year-End
Capital Allowances: If you are Self-employed and thinking about purchasing any equipment (PC, Laptop, printer, machines, van/commercial vehicle) then make sure to buy BEFORE your Year End (31 March for most companies). You will then get 100% tax relief on that item. So for example, if you bought a Van for £20,000 on 31 March, then that £20k can be deducted from your Profit to save you Tax. Of course you should also try to make sure to get all your expenses and purchases in before your Year End to reduce your tax liability.
Like to learn more about what O’Boyle Accounting and Taxation can do for your business? Don’t hesitate to contact us today.