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Capital expenditure 'super-deduction' ends 31.3.23
01/02/2023
If you are considering any capital expenditure in your company in the next few months, please be aware that the capital ‘super-deduction’ which began on 1.4.21 whereby qualifying plant and machinery attracts 130% tax relief, ends on 31.3.23.
Items such as computers , furniture and vans qualify as plant and machinery.
Buildings and cars do not.
https://www.gov.uk/guidance/super-deduction
Please note that capital expenditure would need to be physically paid for by 31.3.23 (whilst we can accrue expense type items at a certain date according to the period the expenses relate to, this does not apply to capital items.
If you need help with your accounts please do not hesitate to contact Winchester Bourne on 01962 715671. Our team of very experienced fully qualified accountants arethere to help you. Or simply email [email protected]
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