There are many types of business expense which can be deducted from your company’s income when calculating taxable profits however the purchase of assets is not allowable. Capital allowances must be claimed instead.
CAPITAL ALLOWANCES AND ALLOWABLE EXPENSES
Capital allowances may be claimed for the majority of purchases of machinery, vehicles and plant. It may also be possible in a few cases to claim them on premises. Capital allowances for company cars vary depending on emissions levels and enhanced allowances apply to some eco-friendly technologies. Other asserts on which capital allowances can be claimed include:
Allowable Expenses : Most ordinary business expenses can be set against the profits assuming that they are necessary and exclusively for the purposes of the business. Accountants can advise best on this element of tax since it is important to know where the lines can be drawn.
There are many forms of tax relief which can reduce tax liabilities. These include:
In order to ensure that this complex area of tax is handled properly, it is very important to use the services of qualified accountants like The Accountancy Solutions who can determine which forms of tax relief your company is entitled to and can ensure that your corporation tax is paid in full and on time