plant and machinery Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/plant-and-machinery/ Chartered Accountants & Business Advisors Tue, 09 Jan 2024 13:03:20 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg plant and machinery Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/plant-and-machinery/ 32 32 Chancellor makes Full Expensing permanent in Autumn Statement https://www.wrloaccountants.co.uk/chancellor-makes-full-expensing-permanent-in-autumn-statement/ Mon, 04 Dec 2023 12:37:12 +0000 https://www.wrloaccountants.co.uk/?p=3924 Chancellor Jeremy Hunt used his Autumn Statement to make Full Expensing permanent for those businesses investing in IT equipment, plant and machinery. The Chancellor said he was aiming to stimulate economic growth and highlighted 110 measures for businesses in the Statement. Full Expensing was first announced in the March Budget and was scheduled to last for three years. The rules allow a 100% write-off on qualifying expenditure on most plant and machinery (excluding cars) as long as it is unused and not second-hand. Mr Hunt has now made it permanent and said it represents the ‘largest business tax cut in modern British history‘, worth £11 billion per annum. The Chancellor also extended the tax reliefs and incentives for Freeports and the Investment Zones programme from five to ten years. In addition, he announced three advanced manufacturing Investment Zones, which will be established in Greater Manchester, the East Midlands and the West Midlands. There is also a business rates support package worth £4.3 billion over the next five years to help high streets and protect small businesses. This includes a rollover of the 75% retail, hospitality and leisure relief. Rain Newton-Smith, Chief Executive of the Confederation of British Industry (CBI), said: […]

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