Not long to claim £500,000 capital allowances on plant and machinery
It seems you can’t open a newspaper or turn on the television these days, without stumbling across another general election update. With only a matter of weeks to go until the UK’s next prime minister is announced, talk on policies and plans is gathering pace.
Exactly who will come into power is, as yet, unknown. But one thing is for certain – the staggering £500,000 figure that organisations can draw down as capital allowances against an annual investment in plant in machinery, will only be in place until 31 December 2015. What happens from 1 January 2016 onwards is the decision of whichever political party comes into power following the 7 May ballot. However, if no real commitment is shown to capital allowances, it is said that the figure will revert to only £25,000.
Such a huge drop would be a real shame for UK businesses, especially those that have worked hard to invest in kit that will fuel their future growth.
UNTHA UK’s managing director Chris Oldfield explains: “The ability to claim 100% tax allowance on an investment in plant and machinery up to the value of £500,000 is a fantastic incentive for companies planning the next steps of their business.
“However, as I was told at a recent tax planning seminar led by accountancy firm Mazars, it looks like the initiative will be significantly scaled back from 2016 onwards. Time is therefore running out to make pivotal, tax efficient next-step purchases.”
Keen to make clients’ investments in waste shredders as affordable as possible, every member of UNTHA UK’s experienced sales team is available to discuss the benefit of the current capital allowances incentive, and the wider business case for shredding technology, should any support be needed from a financial or budgeting perspective. To book a telephone appointment, request an on-site consultation or trial one of our machines at our North Yorkshire headquarters, please call 0845 450 5388, email firstname.lastname@example.org or complete our short enquiry form.