Claiming capital allowances on historic expenditure

We were recently asked about claiming tax relief on capital expenditure which had been incurred in previous accounting periods. This form of tax relief is known as ‘capital allowances’ and is available on qualifying expenditure, such as plant, machinery, office equipment and various types of vehicle. Capital allowances are claimed in the tax return for which the filing date is … Read More

Capital allowances on cars

The rules governing tax relief on cars changed recently. 100% First Year Allowances will be available on cars purchased from 1 April 2013 until 31 March 2015, where emissions are less than 95g/km. This means that the full cost of the car is tax deductible provided the emissions do not exceed 95g/km. Also, for cars purchased from 1 April 2013, the standard 18% … Read More