Businesses that invest in qualifying assets can benefit from up to 130% first-year capital allowance.
The full tax relief is received against taxable profits in the tax year the asset is purchased, rather than over several years. This creates a cash flow benefit which would allow businesses to invest and grow.
Separately, the annual investment allowance of £1 million has been extended to 31 Dec 2021 and can be used for second-hand assets.
For more information on this allowance from HM Revenue & Customs, refer to their website: www.gov.uk or contact your Close Brothers representative who can discuss your individual requirements with you.
