As announced in the 2018 budget, there has been an increase in the Annual Investment Allowance (AIA) for qualifying expenditure on plant and machinery. The increase is from 1st January 2019 to 31st December 2020 and has risen from £200,000 to £1m.
Businesses that have financial year ends that straddle the date of change, will have to apportion the expenditure allowance from the relevant purchase dates. Therefore, timing and planning will be paramount to get the maximum benefit.
If you would like to discuss options for purchasing additional plant or equipment, please contact us and one of our team will be happy to help.
County Finance Group
