From April 2023 Limited companies in the U.K. deduct up to 100% of the cost of qualifying plant and machinery investments, which includes background plant in commercial property.
CONSTRUCTION & FIT OUT
From simple fit out works to major refurbishments and new build construction projects, JNC can assist from the concept stages to assess tax savings that may be available through full expensing.
As a result of measures announced at the spring Budget, incorporated businesses will now benefit from an effective £27 billion corporation tax cut over the next three years as follows:
Full expensing – which offers 100% first-year relief to companies for qualifying new main rate plant and machinery investments until 31 March 2026. Typical main rate items include fire and security systems, data installations, bathroom suites, floor coverings, ironmongery and much more.
The 50% first-year allowance (FYA) for expenditure by companies on new special rate assets until 31 March 2026. Typical special rate items include, electrical and lighting installations, air cooling and heating systems, ventilation installations, lifts and more.