Credo Asset Finance

Business & Personal Asset Finance in Norwich

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Are you making the most of your business allowances?

25th September 2019 by Credo Asset Finance

The Annual Investment Allowance (AIA) can be a huge benefit to businesses and working with Credo can further help you benefit from the allowance.

The AIA is a form of tax relief for British businesses related to the purchase of business equipment. It allows a business to deduct an amount of capital expenditure up to a certain limit from its taxable profits in a given tax year.

One such customer who has cleverly taken advantage of this tax benefit, with the support of Credo, is an East Anglian construction specialist, who was considering buying a new excavator.

Their accountant had advised that they were projecting year end taxable profits of £130k. The accountant advised investing in capital equipment to reduce this figure. The director of the business decided to purchase two £60k excavators. Although this removed the problem of taxable profits, it didn’t ease cashflow.

Credo stepped in to provide a swift solution, just one week before the clients end of year. Funding was put in place on a VAT only, 5-year Hire Purchase, spread across two lenders to maintain competitive rates of funding. This allowed the client to –

  • Reduce any cashflow pressure with VAT only as a deposit
  • Realise the purchases in his 2019-year end accounts and benefitting from the AIA
  • Reduce taxable profits from around £130k to just £10k
  • Repay the HP agreements at an affordable monthly payment equivalent to that of the previous short-term hire costs

It’s a huge tax win for another local company – what could we do for you? Call us on 01603 703180 to see how we can help!

Filed Under: News

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Please call one of our friendly and experienced advisers on 01603 381955, make use of our finance calculator or start your quote online now.

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About Credo Asset Finance

Registered Office
Credo Capital Finance Ltd
Capital House
Unit I-J Iceni Court
Delft Way
Norwich
Norfolk
NR6 6BB

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01603 381955

Email
sales@credoassetfinance.com

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Monday—Friday: 9:00AM–5:00PM

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