by VelocityAS | Jul 1, 2022 | Corporation Tax, Tax
Qualifying for a super deduction, which is a temporary allowance you do not want to miss, can be an option if your business has spent money on plant and machinery and it is subject to corporation tax. Qualifying purchases will need to have been made between April 1,... 
by VelocityAS | Nov 1, 2021 | Accounting, AIA, Budget 2021, Business, Employment, Finance, income
The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1... 
by VelocityAS | Apr 6, 2021 | Accounting, capital allowance, Tax
Companies within the charge to corporation tax who invest in new plant and machinery in the two years from 1 April 2021 are able to benefit from two new first-year allowances, including a super-deduction of 130%. Details of the measure are set out in a policy paper...