Super tax savings

[cannon999]

https://www.gov.uk/guidance/super-deduction

I am not sure I am understanding this correctly. If I buy a laptop for £1000, does this mean I can treat it as £1300 for the purpose of calculating the corporation tax under the annual investment allowance?

[eek]

https://www.gov.uk/guidance/super-deduction

I am not sure I am understanding this correctly. If I buy a laptop for £1000, does this mean I can treat it as £1300 for the purpose of calculating the corporation tax under the annual investment allowance?

What does you accountant say - and yes...

[jamesbrown]

Assuming it is treated as a capital expense, yes.

( Bear in mind that, if you sell the equipment back to yourself on closing your company and the equipment still has residual value, it is complicated to reverse. )

[JHamp82]

Yes, assuming the Laptop will be wholly and exclusively for the purpose of your trade then you can claim this under SD where 130% of the cost goes against taxable profit.

Thanks.

[philip@wellwoodhoyle]

One other caveat is that to claim the super-allowance, the item you buy has to be new, and not second hand or a demonstrator model etc. That fact came out of a recent tax course. That could catch people who buy reconditioned or second hand equipment etc.

[i-am-ltd]

does this apply to the phone ? desk and chair ? and screen ?

[eek]

does this apply to the phone ? desk and chair ? and screen ?

Ask your accountant...

[i-am-ltd]

Ask your accountant...

definitely :-))

[i-am-ltd]

definitely :-))

my accountant says this is not applicable for my company

[cojak]

my accountant says this is not application for my company

We’ll then, there’s your answer.