Capital Allowances Flashcards
1
Q
What are capital allowances deducted from to give?
A
Capital allowances are deducted from tax adjusted trading profits (net profit as per the accounts) to give trading income
2
Q
What allowances are available to companies?
A
Allowances available to sole traders
3
Q
What additional allowance are companies allowed?
A
A temporary 100% FYA (full expensing) on new and unused plant and machinery in the main pool from 1 April 2023 - 31 March 2026
