The Recent UK budget announcment
The recent UK Budget announcement, delivered by Chancellor Rachel Reeves on October 30, 2024, includes several key points that impact businesses, particularly those looking to upgrade their IT equipment and reduce overheads.
As we understand it the 3 key tax benefits to keep in mind are:
Capital Allowances: Deduct costs for new hardware from taxable profits, reducing corporate tax liability.
Annual Investment Allowance (AIA): Eligible businesses can claim the full value of qualifying capital investments, like PCs and tablets, up to £1 million, enhancing cash flow.
"In most cases you can deduct the full cost of these items from your profits before tax"
More information about AIA can be found here Claim capital allowances: Annual investment allowance - GOV.UK
Training Tax Relief: Offset taxable income by deducting expenses for staff training.
With the budget incentives encouraging technological investment, now is the perfect time to elevate your IT while maximising tax savings!*
Following the increase in cost to have a large workforce we feel that automation and streamlining is the most effective way that businesses are going to continue to remain competitive leveraging the latest AI tools is an effective way to reduce admin time and staff overheads.
It's time to think about how you can increase productivity, reduce staff requirements, and save capital!
*Before committing yourself to any extra expense please check with your accountant that your order is being financed or purchased in the most tax efficient way for your business .
The recent UK Budget announcement, delivered by Chancellor Rachel Reeves on October 30, 2024, includes several key points that impact businesses, particularly those looking to upgrade their IT equipment and reduce overheads.
As we understand it the 3 key tax benefits to keep in mind are:
Capital Allowances: Deduct costs for new hardware from taxable profits, reducing corporate tax liability.
Annual Investment Allowance (AIA): Eligible businesses can claim the full value of qualifying capital investments, like PCs and tablets, up to £1 million, enhancing cash flow.
"In most cases you can deduct the full cost of these items from your profits before tax"
More information about AIA can be found here Claim capital allowances: Annual investment allowance - GOV.UK
Training Tax Relief: Offset taxable income by deducting expenses for staff training.
With the budget incentives encouraging technological investment, now is the perfect time to elevate your IT while maximising tax savings!*
Following the increase in cost to have a large workforce we feel that automation and streamlining is the most effective way that businesses are going to continue to remain competitive leveraging the latest AI tools is an effective way to reduce admin time and staff overheads.
It's time to think about how you can increase productivity, reduce staff requirements, and save capital!
*Before committing yourself to any extra expense please check with your accountant that your order is being financed or purchased in the most tax efficient way for your business .