Make the most of enhanced investment allowances, says Haas Automation
Haas Automation has set out to make sure that machine tool buyers make the most of the Chancellor George Osborne's improved Annual Investment Allowances.
The allowance is set to rise from £25,000 to £250,000, for a limited period, and Haas Automation advises that a qualifying business may be eligible to offset up to 100% of a qualifying purchase, up to £250,000 for any one company.
Taking the example of a fictitious engineering company, ABC Engineering, the company explains: "If ABC decides to buy new machinery at a cost of £250,000 (e.g. new Haas machines), they may be eligible to offset their total corporation tax bill against this purchase."
So how does a company know if it qualifies? Well, always check with an accountant or a tax advisor, it is stressed, but, says Haas Automation: "You could save over £12,500, if your year end is March 31, or over £50,000, if your year end is December 31."
