Tax News

The Chancellor announced in his Autumn Statement that there would be a huge increase in the Annual Investment Allowance for expenditure incurred on or after 1 January 2013, from £25,000 to £250,000 for a period of two years

GreenStones Accountants reveal

This is a massive uplift and will benefit many small and medium sized businesses. If you are thinking of buying any plant and machinery before the end of the year and you have already spent more than £25,000 this year, then waiting until 1 January 2013 will result in significant tax savings

The Chancellor also revealed that the main corporation tax rate for the financial year 2014 will be reduced by a further 1%, to 21%, for large companies. As already announced, the main corporation tax rate for financial year 2013 is 23% for large companies and the small profit rate for small companies is 20%.

If you would like more information on the Autumn Statement and what it will mean for your business then, contact GreenStones on 01733 371180.

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