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Increased tax saving scheme

If you are considering upgrading plant or machinery for a farm, adding a new commercial fleet  or just buying a new van for a business venture you can take advantage of the recently increased tax saving scheme  – the Annual Investment Allowance.(AIA). The scheme was increased last month from £25,000 to £250,000 for a limited period. Mel McMurray of Murray Financial said: “Tax relief is available on certain capital expenditure in the form of capital allowances and this is not affected by the way in which the business pays for the purchases. So where an asset – such as a piece of machinery or a car, van or lorry – is bought on hire purchase, full tax allowances are generally given in the same way as it would be if the asset was bought outright. The increase is £250,000 is a major plus for anyone who wants to improve their business fleet or upgrade to more efficient plant or machinery in a tax effective way so I’d suggest businesses review their capital expenditure to plan in new asset purchases now.” For cash squeezed business where the opportunity for expansion isn’t matched by finance, McMurray Financial can offer a number of cost effective schemes to advance funds on machinery or equipment you already own outright. Contact McMurray Financial services for hire purchase quotes and advance fund options on 07718 703 191 or at www.mcmurrayfinancial.com


Newry Democrat

26th February 2013