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Capital Allowances

Capital allowances are a tax relief available to businesses. These will let you deduct part or all of the value of an item from your profits before you pay tax.

Capital Allowances

All about capital allowance

What is included?

Eligible items include:

  • Equipment
  • Machinery
  • Business vehicles

These include heating, lighting, security systems, or anything that is a fixed part of your office building.

Many businesses will claim the standard Capital Allowances tax relief on their plant and machinery but may be missing out on less well-known Capital Allowances reliefs.

Anyone considering buying, building or extending commercial property should take advice before the transaction, as valuable capital allowances will likely be available.

Full expensing

With the end of the popular Super Deduction initiative, we saw the announcement of Full Expensing, which is due to run for the next three years. This initiative will allow capital expenditure to be written off in full, with no limit to the available relief.

Full expensing is only available to those entities subject to Corporation Tax on Main Pool assets (not cars) which are acquired brand new and not to be leased. For any unincorporated businesses that do not qualify for the Full Expensing initiative, they will be able to claim via the Annual Investment Allowance. Learn more about the Annual Investment Allowance (AIA) in our blog.

Have a question?

Do you need support with your taxes? Speak to a team member today.

Our expert business tax services

R&D / Patent Box

At BHP, we are committed to helping you through the R&D process, promising to listen, understand, and provide honest advice to determine whether you can claim R&D tax relief.

R&D tax relief claims advice and support R&D Tax Claims and Patent Box
Employee Ownership Trusts

An employee ownership trust enables the company to be employee owned and is set up by, the company’s existing owners. Are you thinking of making your business an EOT? Speak to a member of the team today to find out how best to proceed.

Employee Ownership Trusts (EOTs)
Employer Solutions

In this day and age, what does an employer need? BHP’s employer solutions team can help meet all of your employee-related needs.

Employer Solutions

Our specialist VAT team works with you to protect your business’s profitability. We give you the best possible advice, ensuring you only pay the VAT you are legally required to pay.

At BHP we offer indirect taxes and VAT advice on any and every topic, no matter how simple or complex VAT

The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Schemes (SEIS) are ways to help you raise funds to grow your business, fund a new business venture, or embark on R&D activity.

EIS (Enterprise Investment Scheme) and SEIS (Seed Enterprise Investment Scheme)

An EMI is designed to help smaller companies recruit and retain key employees that may not have the funds to do so via salaries and bonuses. Speak to our team to see if you qualify.

Enterprise Management Incentives (EMI)
Transaction Tax

If you are buying or selling a business, it can be a daunting experience and complex due to the tax implications. There is a lot to consider, and any mistakes can be very costly. Speak to our team to help.

Transaction Tax

Industry news & insights

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