I've found if I don't earn any money I harly pay any tax - it's brilliant! I'm not going to work this week.
dd it seems the rules have changed and surprise surprise its even more confusing than before yep I know you can claim tax relief on pensions and that good because I do. Here is what I have found regarding capital allowances if any of you understand it please let me know!You can claim capital allowances on expenditure on plant and machinery (P&M), which includes vans, cars, machines, scaffolding, equipment such as ladders, tools and computers, furniture, and many other items you might use in your business.It can also include expenditure on items of P&M you used privately before using them in your business and items that you only partly use for business purposes.You cannot claim for things you buy or sell as your trade - these are claimed as business expenses. If you buy on hire purchase, you can claim a capital allowance on the original cost of the item but the interest and other charges count as business expenses.Most businesses have an Annual Investment Allowance (AIA) of £50,000 for P&M. This allows them to write off 100 per cent of the cost of the qualifying plant and machinery, up to a value of £50,000, against their taxable profits in a standard accounting period.Now does this mean if my tax bill equals 10k and I buy a van for 10k my bill is £0? I think the old way was much easier!