As a business owner, you can claim capital allowances when you busy assets for business use.That include equipment, machinery and business vehicles-these are known as ‘plant and machinery’.
In most cases you can deduct the full cost of these items from profits before tax using annual investment allowance(AIA).
Plant & Machinery includes:
-Items to use in business including cars
-Cost of demolishing plant & machinery
-Parts of building considered integral features like lifts, lighting systems, solar shading etc
-Some fixtures like fitted kitchens, bathroom suites, fire alarm & cctv
-Install other plant and machinery
Plant & Machinery does not include:
– Leased items
-Buildings including doors,shutters, water & gas system
-Land and structures including bridges,roads and docks etc
-Business entertainment items like yacht
You can claim repair as business expenses if you are a sole trader or partner and deduct from Profit &Loss account of Limited company.
You can claim for items in residential property if you run furnished holiday lettings or items in hallway.
If you have questions to know more about capital allowances, how to claim and what amount to claim, please contact us.
T: 0203 759 6955