Top Tax Tips for Owner Managed Businesses
10. Capital Allowances
Timing of expenditure is an important consideration with capital allowances, especially with frequently changing rates and allowances.
Specific comparisons should be done for large purchases and items such as cars where the rules can greatly slow down the rate of relief compared to leasing.
Capital allowances may be due to a business on elements of a building and this valuable tax relief is commonly missed. A survey of the property may be required for tax purposes in order to maximise the relief.
It may also be possible to claim capital allowances on furnished holiday lets.
Top Tax Tips for Owner Managed Businesses – Tip 10 – Capital Allowances
Categories:
Capital Allowances