Tax Tip – New Payroll Year

close up of a woman working on a laptop

As we approach the beginning of a new tax year, it’s important to give some consideration to the timing of capital expenditures and making the most of the reliefs you’re eligible for. If your Annual Investment Allowance (AIA) has already been used up, it can be better to wait until the start of the new year so you can claim the AIA for that year, rather than claiming the Writing-Down Allowance (WDA). If an expenditure is incurred by your company between 1 April 2021 and 31 March 2023, a claim for either the super-deduction or if applicable, the 50% First Year Allowance (FYA) could be made instead of delaying.

If you’re using assets for both business and private use, there are still reliefs to be claimed – however you do have to take into account and discount the personal element as it’s disallowed. For sole traders and partners, a pool is available to enable the disallowance in respect of the private use element to be calculated.

If you’re unsure what your timing should be, and whether you’re getting the allowances and reliefs you’re entitled to, we’re here to help. Contact us today for a consultation, and let our experts help you manage and make more of your finances.

Accountants across Yorkshire

Our accountants are based all around the Yorkshire region, although we work remotely with clients nationally. If you are looking for accounting services in Yorkshire, you can find out more here:

Contact Us

Please call or email to arrange your FREE consultation for any of our services.

Meet the Team

We’re a modern, friendly and proactive accountancy service.

team member artwork

Newsletter

Signup for our weekly business newsletter and special offers!

Let's discuss how we can help your business

Our goal is to remove as much time and stress from the accounting and bookkeeping side of your business so that you can focus on what matters more to you.