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Capital Allowances

Capital allowances are a tax relief that allows businesses to claim deductions for certain types of capital expenditures made on assets used for business purposes. These allowances are a way for businesses to reduce their taxable profits and, consequently, their tax liability.

Capital allowances typically apply to tangible assets, such as machinery, equipment, vehicles, and buildings, that are used for the purpose of generating income. They can also apply to certain types of intangible assets, such as patents and trademarks. The idea behind capital allowances is to recognise that these assets will gradually lose value over time due to wear and tear, obsolescence, or other factors, and therefore, businesses are allowed to deduct a portion of their cost as an expense for tax purposes.

Businesses need to carefully track and document their capital expenditures to accurately claim these allowances and receive the intended tax benefits. At Steve Pye & Co we work with trusted tax professional partners to ensure that you are able to take full advantage of available capital allowance opportunities while staying compliant with tax regulations.

Contact us to confirm if you could be eligible to claim Capital Allowances and reduce your tax liability today.

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Our accounting services for Small and Medium-sized Enterprises (SMEs) offer tailored financial solutions to support your business’s growth, streamline operations, and ensure compliance.

As someone at the helm of a business, we understand that the journey can sometimes feel overwhelming and isolating. That’s why we’re here to help.

We know that navigating the landscape of corporate business operations requires more than just numbers – it demands a strategic approach and attention to detail.