Everyone wants a little help with their business, especially at this time of year, when cash flow can be tight. Yet, when it comes to financing equipment, failing to claim the right tax reliefs comes close to throwing money away.
Capital allowances, or tax relief on the cost of equipment bought for use in a business, are an effective way to save cash and boost cash flow. That’s all the more true in the film making and video production world, which rely heavily on often expensive gear.
All good accountants know which tax savings to apply including those that make use of capital allowances. However, as most people tend to consult their accountants after the year during which they’ve earned and spent, they are potentially missing opportunities to reduce their tax liabilities.
And, if that wasn’t enough of an incentive to look again at your books, the Government recently published its Autumn Statement, further boosting tax relief on equipment purchases*. With the calendar year end and the fiscal year end in April both looming, now’s an appropriate time to look at tax reliefs and consider how equipment purchases can reduce your tax liability.
Next: Tax relief on buying equipment