𝗦𝗽𝗿𝗶𝗻𝗴 𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟯 Capital Allowances – To assist businesses to sustain their investment levels, the Chancellor announced a substitute for the capital allowance super deduction, which is set to expire on March 31, this year. New schemes- Full Expensing (FE) – From 1 April 2023 to 31 March 2026, businesses…
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Disposing of an asset on which capital allowances have been claimed
Capital allowances are the tax equivalent of depreciation and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis; instead, relief may be available as a deduction in computing…
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