[ˈkæpɪtl əˈlaʊənsɪz]
Capital Allowances are a form of tax relief that encourages innovation by deducting costs of certain business goods from their taxable profits.
Capital Allowances are a type of tax relief available to businesses which allow companies to deduct the cost of purchasing or improving certain types of assets, such as equipment or buildings, from their taxable profits. This can result in a significant reduction in the amount of tax a company has to pay.
Sole Traders and Self-employed people can claim their Capital Allowances in their Self Assessment, Companies must include their information in their tax return at the end of the year.
Businesses need to keep detailed records of their expenditure on qualifying assets and may also need to provide evidence of how the asset is being used in the business.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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