When it comes to running a business, you must keep up with the ever-changing industry you are a part of.<\/p>\n
<\/p>\n
It is important to be aware of any allowances you are missing out on, so that your company can reap the benefits.<\/p>\n
So, what support is on offer?<\/p>\n
Capital Allowances <\/strong><\/p>\n Capital allowances can lessen the amount of Corporation Tax you are required to pay.<\/p>\n The Annual Investment Allowance (AIA) allows you to deduct 100 per cent of any eligible plant or machinery costs from your firm\u2019s profits.<\/p>\n This allowance is now permanently set at \u00a31 million per annum.<\/p>\n It is important to note that Corporation Tax will rise to 25 per cent from 1 April 2023.<\/p>\n Businesses with profits above \u00a350,000 will see the amount of Corporation Tax they pay rise as a result.<\/p>\n Those who have profits of \u00a3250,000 or more will be paying the top amount and those with profits between \u00a350,000 and \u00a3250,000 will pay Corporation Tax at a tapered rate based on the marginal relief they receive.<\/p>\n Enhanced Capital Allowances<\/strong><\/p>\n If your projects are eco-friendly, you can claim enhanced capital allowances.<\/p>\n This type of first-year allowance can only be claimed for new and unused machinery and equipment.<\/p>\n This can be claimed on top of the AIA and allows you to deduct the equipment\u2019s full cost from your company’s profits.<\/p>\n