Has there ever been a better time to buy equipment for your business?
If you buy an asset such as a vehicle, plant and machinery or other equipment for use in your business you may be able to claim a capital allowance for that expenditure. Capital allowances have been around for many years and the aim is to give tax relief for the reduction in value of qualifying assets that you buy for business use. This is done by allowing you to write off their cost against the taxable income of your business, provided certain conditions are met. These capital allowances are available to sole traders and partnerships, as well as companies and other organisations liable for Corporation Tax.