Introduction
Capital Allowance can easily be confused with a type of expense, eligible to be claimed by an organisation in return for the taxable profits.
However; it can only be claimed by the businesses when they meet certain requirements with regards to their asset types, which have been purchased in a tax year, yet there is a number of exemptions to the rule.
Importance
By being entitled to claim capital allowances you`ll be able to partially be relieved from your tax liability on the money which is spent on creating/buying assets, which is a significant development for growing businesses in terms of building up an internal structure and expand.
In general, you can claim three types of assets:
- Equipment
- Machinery
- Vehicles
Please note that these assets should be principally used for business purposes.
Claiming the Capital Allowance
When you file your tax return, you can have a chance to claim the amount that you spent on the assets in a tax year.
The majority of the assets are eligible to be claimed for deduction under the Annual Investment Allowance.
Commercial property owners in the UK are entitled to receive the benefits under the Capital Allowance Act 2001.
Online Account Filing
We at online account filing provide you with the best advice to make sure you are eligible to claim your assets. Our experts are here to do their due diligence and help you to enjoy the benefits. Book your free consultation call now to find out how much you can claim.
