Basically you can get a 100% capital allowance on everything except cars over 120g CO2, up to £50k expenditure/year.
Kills stone dead the argument for leasing PCs really.
See chapter 3 here:
http://www.hmrc.gov.uk/legislation/pu451.pdf
It generally makes it prudent to delay large capital purchases till legislation is passed - 1 April 2008, with the new Finance Act.
Will be quite handy for the self-employed, so they don't need to faff about with capital allowances.
There still appears to be some clarification needed on writing-off existing asset pools.Wait till April, but it's all good news.
HMRC hope to put accountants out of business:
there should be some reduction in agents’ costs for businesses that outsource their tax returns. Based on the proportional time reduction for internal work, the reduction in agents’ costs would be £10m; the actual savings to business would depend on how much of this saving is passed on. Because it is a significant simplification to the tax return for a very small
business, one would expect agents to be under pressure to reduce costs, especially as in some cases businesses may decide as a result of this change that their tax return is simple enough not to need an agent (in which case savings could actually be greater because of cost reductions for other obligations as well).
I trust you will put pressure on your accountants to reduce costs. Half price accountancy next year.
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