Why pay more tax than you need to? Full expensing lets you claim back 100% of the cost of qualifying plant and machinery all in one go. Save up to 25p for every £1 you spend.
During the 2023 Spring Budget, the Chancellor introduced a new tax relief measure called “full expensing”, which allows companies to claim an unlimited 100% first-year allowance on qualifying investments made in new plant and machinery from the 1st April 2023 to 31 March 2026, replacing the previous super-deduction scheme.
Essentially, for every pound a company invests, they can get up to 25p in tax cuts. This measure is designed to make the UK’s capital allowances system among the best in the world. Additionally, for plant and machinery that falls under the “special rate” category, a 50% first-year allowance will be applicable during the same period.
Click below to read our in depth guide on how ‘full expensing’ could benefit your business.
