Annual Investment Allowance Extension
In October we reported on the impending reduction of the Annual Investment Allowance (AIA) from the temporary £1 million limit back to £200,000 on 1st January 2021. Chancellor Rishi Sunak has now extended this deadline by 12 months to 31st December 2021.
For more information on what the implications are when the allowance is reduced, read the previous story below.
Tax Relief on Low Emission Cars
Back in December, we also posted news on the benefits of ‘Turning Electric’. There is also an additional 100% tax relief for the cost of buying a new car for business with CO2 emissions below 50g/km. This threshold reduces to 0g from April 2021, so ‘are you thinking of turning electric? Take a look at the December post below.
If you are unsure about any accounting or tax issues that may affect your business, we’re here to help on 01384 376964
Folkes Worton – Accounting for the Future