Capital Allowances
Capital Allowances
As a business you can assert tax allowances, called capital allowances, on sure purchases or investments. Capital allowances are implications that you can assert for the wear and tear of the fixed assets that you have bought and used in your trade or business. Capital allowances are given in place of depreciation and other capital expenditure, which are not deductible for income tax purposes. You can claim Capital allowances on the plant and machinery that you have bought and used in your trade, business or profession.
Assets that qualify for Capital Allowances
Electrical and electronic equipment
Plant and machinery
Furniture and fixtures
Office equipment
Motor vehicles (only commercial vehicles & Q-plate cars registered before 1 Apr 1998)
Motorcycles and bicycles
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