March Budget 2014 – Key points for Digital, tech & creative companies

Highlights include: Increase in payable R&D tax credit for loss-making SMEs from 11% to 14.5% for expenditure incurred on or after 1 April 2014. This means that approximately 33% of qualifying spend is eligible for a tax credit rather than the current 24.75% Seed EIS (SEIS) turned into a permanent tax relief given its success … Read moreMarch Budget 2014 – Key points for Digital, tech & creative companies

Buy 10x more equipment and get 100% tax relief!

Not overly helpful to the majority of fast growing UK companies but the annual investment allowance for expenditure on machinery, equipment, furniture etc went up from £25,000 to £250,000 with effect from 1 January 2013.

This means that you could purchase (in theory!) £250,000 of laptops, tablets, desks, chairs etc in a financial year and receive a 100% tax deduction against your taxable profits.

So just imagine, you could splash out on:

and receive £250,000 tax relief!

Not very likely – but still, nice to know….

Watch out for financial accounting periods that straddle the 1 Jan 2013 introduction date as you’ll need to calculate how much qualifying spend is eligible under the ‘old’ £25,000 limit to 31 Dec 2012 and how much falls within the new much higher limit from 1 Jan 2013.

As ever, timing is everything!

(And no, cars do not qualify for relief under this Annual Investment Allowance (AIA) )

 

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Getting maximum tax relief on new equipment purchased for your business

When considering purchasing that shiny new MacBook, desk, printer etc (or pretty much any other capital item) for use in your business, you should think about how you can get the best tax result (as well as considering the best model and price). Purchased computer equipment, furniture and other plant & equipment is not simply … Read moreGetting maximum tax relief on new equipment purchased for your business

7 tax incentives for UK digital & technology startups

HOT OFF THE PRESS: We’ve just launched a brand new online course that shows you exactly how to complete and file your SEIS / EIS advance assurance application with HMRC. We walk you through every stage of filling out the form plus share some additional resources to help ensure a smoother passage through HMRC. Access … Read more7 tax incentives for UK digital & technology startups

Capital Allowances for fixed asset expenditure – a brief recap!

[Note that much of the information below has since changed following subsequent announcements – please check more up-to-date posts] A raft of tax changes is expected to be announced in the emergency budget scheduled for 22 June 2010 including potential changes to tax relief on capital expenditure – such tax relief is referred to as “capital … Read moreCapital Allowances for fixed asset expenditure – a brief recap!