EnglishHindiItalianNepaliPortugueseRomanian

What qualifies for First Year Allowances?

Accountants in St Mawes Accountants in St Mawgan Accountants in St Mellion Accountants in St Merryn Accountants in St Mewan Accountants in St Ruan Accountants in Sithney Common Accountants in Skewes Accountants in Skinners Bottom Accountants in Slaughterbridge Accountants in South Carne Accountants in South Petherwin Accountants in South Pill Accountants in South Wheatley Accountants in Splatt Accountants in Stenalees Accountants in Stepaside Accountants in St Stephens By Saltash Accountants in St Teath Accountants in Tregeare Accountants in Tregeseal Accountants in Tregew Accountants in Tregirls Accountants in Tregirls Beach Accountants in Tregonning Accountants in Tregrehan Mills Accountants in Tresawle Accountants in Treskerby Accountants in Treskillard Accountants in Tresparrett Accountants in Treswithian Downs | Accountants in Withielgoose | Accountants in Harrow | Accountants in Hounslow | Accountants in Southwark | First Year Allowances | Accountants in Ballynagarrick | Accountants in Crawfordsburn | Accountants in Derryneill | Accountants in Dundrum | Accountants in Leitrim | Accountants in Magheralin | Accountants in Tullynakill | Accountants in Chapelton | Accountants in Ferryhill | Accountants in Bowburn | Accountants in Aycliffe Village | Accountants in Bishop Middleham | Accountants in Bowbank | Accountants in Bowes Museum | Accountants in Bridgehill | Accountants in Byers Green Byker Hill | Accountants in Castle Eden | Accountants in Crookhall | Accountants in Edmundbyers | Accountants in Flint Hill | Accountants in Great Chilton | Accountants in Haverton Hill | Accountants in Hesledon | Accountants in Howden Le Wear | Accountants in Kinninvie | Accountants in Turriff | Accountants in Leeholme | Accountants in Middridge | Accountants in Nettlesworth | Accountants in South Wingate | Accountants in Tantobie | Accountants in Tursdale | Accountants in Wolviston | Accountants in Belleek | Accountants in Killydrum | Accountants in Articlave | Accountants in Castlerock | Accountants in Glack | Accountants in Maghera | Accountants in Fivemiletown | Accountants in Altmore | Accountants in Artigarvan | Accountants in Creggan | Accountants in Galbally | Accountants in Kilskeery | Accountants in Liscloon | Accountants in Tamnamore | Accountants in Arbroath | Accountants in Bridge Of Dun Railway Station | Accountants in Dun | Accountants in St Vigeans | Accountants in Arden | Accountants in Irvine North Ayrshire | Accountants in Ayr Railway Station | Accountants in Barr | Accountants in New Prestwick | Accountants in Harrogate | Accountants in Ardgartan | Accountants in Bellochantuy | Accountants in Moot Hill Accountants in Coeffin Castle | Accountants in Bolnhurst | Accountants in Lumphanan | Accountants in Gravenhurst | Accountants in Craobh Haven | Accountants in Glen Fruin | Accountants in Old Warden | Accountants in Ravensden | Accountants in Sewell | Accountants in Shelton | Accountants in Sudbury | Accountants in Kerrera | Accountants in Buckfastleigh | Accountants in Southwold | Accountants in Bridge Street | Accountants in Brockford | Accountants in Copdock | Accountants in Stokesley | Accountants in Shaldon | Accountants in Silverton | Accountants in Adlingfleet | Accountants in Airton | Accountants in Framsden | Accountants in Aldbrough St John | Accountants in Forest Heath | Accountants in Ilketshall St Andrew | Accountants in Laxfield | Accountants in Little Wratting | Accountants in Mettingham | Accountants in Buckland Filleigh | Accountants in Copplestone | Accountants in Balkholme | Accountants in Sizewell | Accountants in Stoke Ash | Accountants in Bilton In Ainsty | Accountants in Thorndon | Accountants in Upthorpe | Accountants in Brayton | Accountants in Walberswick | Accountants in Wickham Street | Accountants in Worlingworth | Accountants in Cranborne | Accountants in Ashley | Accountants in Coxwold | Accountants in Clayton | Accountants in Hednesford | Accountants in Lower Tean | Accountants in Oakamoor | Accountants in Fitling | Accountants in Talke Pits | Accountants in Tamworth | Accountants in Uttoxeter | Accountants in Wombourne | Accountants in Acres Nook | Accountants in Ashwood | Accountants in Betley | Accountants in Blore | Accountants in Cannock Wood | Accountants in Caverswall | Accountants in Church Eaton | Accountants in Copmere End | Accountants in Denstone | Accountants in Dosthill | Accountants in Wakeham | Accountants in Dunston | Accountants in Armshead | Accountants in Gentleshaw | Accountants in Great Bridgeford | Accountants in Long Riston | Accountants in Pillaton | Accountants in Ranton Green | Accountants in Metham | Accountants in Elkstones | Accountants in Thorpe Constantine | Accountants in Curdridge

What qualifies for First Year Allowances?

Businesses can claim a 100% First Year Allowances (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help reduce their carbon footprint by being energy and water efficient. The list of qualifying items includes expenditure on new unused electric vehicles and other cars within the 50g/km threshold for low CO2 emissions.

The list also includes:

  • energy saving equipment that’s on the energy technology product list, for example certain motors
  • water saving equipment that’s on the water efficient technologies product list, for example meters, efficient toilets and taps
  • plant and machinery for gas refuelling stations, for example storage tanks, pumps
  • gas, biogas and hydrogen refuelling equipment
  • new zero-emission goods vehicles

The use of the First Year Allowances (FYA) allows companies to set the full cost of qualifying P&M against their tax bills in the year of purchase. The First Year Allowances (FYA) is only available on the purchase of new qualifying cars, second-hand cars do not qualify for FYAs (but writing down allowances can be claimed).

If claiming the full amount of First Year Allowances (FYA) would create a loss, it is also possible to claim less than the full 100% First Year Allowances (FYA) and claim the balance using writing down allowances.

Obviously there are a range of non-tax issues that need to be considered if you are advising clients on these issues, prior to investing in new equipment or vehicles. Hopefully, this post will clarify one raft of tax allowances that you could consider.

Proud to be featured in

Happy with our services? Please leave us a Google Review. Click here

Google Review Stars