The Manchester company works with businesses across the UK to claim Research & Development (R&D) tax credits,
Capital Allowances and Patent Box tax relief on intellectual property.
In the recent budget the chancellor announced a change to
capital allowances.
No sooner had I written my last article about claiming
capital allowances on business expenditure, particularly on "green" expenditure, then the Chancellor's announcements in last month's Budget forces a re-write to my article.
According to him, rather than government granting
capital allowances to multinationals on purchase of sophisticated machines such as robots and automation in packaging, which is making most employees to lose their jobs, government should consider the introduction of labour intensive allowance.
Capital gains tax main residence relief comes in at number four at PS28.3bn, followed closely by inheritance tax nil rate band at PS22.4bn and
capital allowances PS22.25bn.
Mike Wade, finance manager at Hodgson sayers, said: "In addition to the environmental statement we also acknowledge the savings in terms of fuel consumption while the incentives package that includes government grant,
capital allowances and taxation benefits makes this a very sound investment."
Following lobbying for enhanced
capital allowances support from the Welsh Government, in his Budget on Wednesday George Osborne con-firmed the UK Government would be providing such assistance for the Port Talbot Waterfront Enterprise Zone.
To help achieve these, it is calling for: | Improved
capital allowances to boost investment, by introducing an allowance for new investments in structures and associated buildings | Enhanced
capital allowances for energy efficiency to be more effective | Checks to ensure employment tax policies do not jeopardise our flexible labour force, while maintaining upfront tax relief on pensions | A long-term plan that supports investment in a secure, affordable and diverse energy mix | Innovation investment to support smaller innovators by broadening access to the UK's existing R&D incentives.
The budget brought in changes to corporation tax, including the abolition of
capital allowances, which had permitted the tax-free purchase of machinery.
Latest analysis shows that owners of an estimated 6,884 commercial properties in the region could be missing out on PS247m in tax rebates for unclaimed
capital allowances on fixtures and fittings.
Improvements to
capital allowances, bank lending, and corporation tax rates, set against the background of a growing manufacturing sector should give us all reasons for good cheer.