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Capital Allowances
| 2021/2022 | 2022/2023 | 2023/2024 | |
| Main rate pool: writing down allowance | 18% | 18% | 18% |
| Main rate pool: Full expensing | N/A | N/A | N/A |
| Main rate pool: Super deductions | 130% | 130% | N/A |
| Special rate pool (long life assets, integral features): writing down allowance | 6% | 6% | 6% |
| Special rate pool: Full expensing | N/A | N/A | 50% |
| Special rate pool: Super deductions | 50% | 50% | N/A |
| Annual Investment Allowance (AIA) cap: | £1,000,000 | £1,000,000 | £1,000,000 |
| Structures and Buildings Allowance | 3% | 3% | 3% |
The AIA allows businesses to invest in equipment and fixtures (cars and buildings don't qualify), with 100% tax relief in the year of purchase.
The AIA cap has been permanently set at £1,000,000. If the accounting period is shorter or longer than 12-months the AIA cap is apportioned based on the length of the period.
Super deductions and full expensing can only be claimed by companies subject to corporation tax. Where either of these reliefs are claimed the items must not be pooled. When an items for which the super deduction or full expensing has been claimed is sold, it can result in a balancing charge.
Super deductions cannot be claimed for plant and machinery which is bought to be leased to another party unless it is back ground plant and machinery in leased buildings.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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