TaxAssist Accountants
0800 0523 5550800 0523 555

Businesses 'need advice to get information about tax allowances'

Date: 30th July 2008

There are a whole host of tax allowances and reliefs that newly started businesses can benefit from, an industry expert has said.

Writing in The Journal, experienced business reporter Karen Dent explained that many sole traders and small businesses simply did not know about the tax relief that was open to them.

She said that companies do not "automatically receive these tax advantages", making it important for bosses to do some careful research about their entitlements.

In particular, the journalist highlighted changes to capital allowances rules which mean that, since April, firms have been able to claim a 100 per cent allowance on the first £50,000 of expenditure on plant and machinery.

"This allows businesses to deduct up to £50,000 from their taxable profit," Ms Dent added. "Other advantages include enhanced capital allowances for investment in energy-efficient technology.

"Through these, businesses can claim 100 per cent enhanced capital allowances (ECAs) for investment in designated energy efficient or environmentally beneficial technologies."

Earlier this month, accountants told Farming UK that recent court cases had made it hard for small-scale farmers to work out what capital gains tax allowances they were entitled to.


Related Articles



0800 0523 555 TaxAssist Accountants Locations Map
TaxAssist Facebook TaxAssist Twitter TaxAssist Blog RSS

Newsletter for Small Business

Join our newsletter and receive tax news every month suitable for small businesses.

Testimonials

View all

Over the past 10 years we believed that if we wanted outstanding service we should use traditional large accountancy firms. Oh how wrong we had been! We had been charged high fees without any real value being added to the business.
DAVE THOMAS
Bluegrass Consultancy Ltd

© 2012 TaxAssist Accountants. All Rights Reserved. TaxAssist Accountants Buy Local Campaign TaxAssist Accountants Supports Round Table Childrens Wish TaxAssist Accountants - Interactive Media Awards 2010 Best In Class Winner