Backdating capital allowances

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You can also claim for the following: Capital allowances are only available on items that you own, so anything you lease from another company won’t count.

As a company director, you can claim a 100% investment allowance for the first £200,000 you spend on plant and machinery – known as the Annual Investment Allowance.

First year allowances (FYA) are available on energy efficient pieces of capital expenditure.

The rate is 100% and is there to encourage businesses to purchase energy efficient pieces of capital expenditure.

Computer equipment qualifies for capital allowances as these are deemed to be 'plant and machinery' and perform a function within the business.

You’ll only be entitled to receive a proportion based on the amount of time it’s used for business purposes.Cars do qualify for capital allowances, where they are used in the business.Where there is private use then the allowance will be restricted each year, but only for unincorporated businesses as private use in a company is treated differently (under the benefit in kind rules).Unfortunately, buildings and alterations to buildings are deemed to be changes to the setting in which your business trades from and therefore capital allowances are not allowed.In order to claim capital allowances, the item being purchased has to be performing a function.

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