IT tax allowance to expire soon

IT tax allowance to expire soon

Small businesses must buy new computer and communications equipment now if they are to benefit from the 100% tax allowance available on the technology.

George Bull, of Baker Tilly, is reported saying that a typical small business paying 19% corporation tax ‘enjoys a £19 allowance against its tax liability for every £100 of technology capital expenditure.’

But the credit runs out at the end of March, so from 1 April, the allowance would drop to £4.75 in the first year for every £100 of expenditure.

Gordon Brown might use his Budget speech to reinstate the allowance, however, as an antidote to some of the bad news he is bound to release.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource