Storage Crates For Hire | Take Advice To See How Refits Can Be Less Taxing |
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Companies are being urged to take advantage of little known new tax changes that can allow them to give their premises a much needed facelift and help drive forward growth. Scotland’s leading workplace design experts Space Solutions has teamed up with Chartered Accountants and Business Consultants Atkinson Donnelly to highlight a raft of new tax breaks that were introduced in the last Budget which many companies have overlooked. During this continuing storm of the recession, many businesses are looking to embark on change within their business - whether optimising current space, downsizing, relocation, or carrying out refits and refurbishments - but are concerned at the expenditure involved. Derek Binnie, Director of Space Solutions, said: “A key priority for clients is to get the right advice at the earliest stage to assure they get best value. Through these early discussions with our clients, where we focus on designing the optimum solution and maximising the budgets, it became apparent few are aware of the tax benefits recently announced in the Budget.” This year’s pre-election Budget offered a way for firms to maximise the money available to them through tax reliefs, allowing them to go ahead with their refits without added financial stress. The key change is the increase in the Annual Investment Allowance (AIA) for expenditure on plant, machinery, fixtures and fittings, which has doubled from £50,000 to £100,000. Through sensible tax planning, tax savings on £100,000 qualifying expenditure can be as much as £28,000 for companies and up to £50,000 for other businesses. Research has shown that the most successful tax relief claims are achieved when specialists work closely together early in the design process. Some of the benefits of this planning can be:
The new allowances can also serve to enhance tax losses in situations which, when carried back against years where there may have been a tax liability, could result in actual tax repayments from the HMRC. Betty Glancey, Senior Tax Manager at Atkinson Donnelly, said: “It makes sense to investigate all opportunities to increase the tax savings that you have available to you. “You could be able to afford what you once thought was unaffordable.” Space Solutions is Scotland’s largest independent workplace solutions company, helping businesses manage changes within the workplace. It operates UK-wide - from bases in Aberdeen, Edinburgh, Glasgow, Dundee and Livingston - to design, build, fit out, refurbish and relocate modern and productive business environments. *The advice given here acts as a general overview of the benefits that tax reliefs could bring to a business but no action should be taken based on this information without advice from professional advisors.
Finance Bill 2010 – Example on £150,000 spend on refurbishment of property:
*&**Discuss these topics with your accountant as they are pertinent to your own accounting periods |
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