Currently, for the tax year 2012/13 your business has an A.I.A. (Annual Investment Allowance) of £25,000. This means that new asset acquisitions (trucks and vans) qualify.
You can offset 100% of the capital investment against your taxable profits.
From January 2013, the A.I.A. is increasing from £25,000 to £250,000 per annum!
**To put this in real terms**. If you purchase vans and trucks up to £250,000 this year AND next year; at a 40% Higher Rate tax, the difference in the tax saving will be £72,000:
· 2012 Tax saving = £28,000 (100% Utilised A.I.A)
· 2013 Tax saving = £100,000 (100% Utilised A.I.A)*
If you wish to take advantage of these savings on any new Iveco product please contact any member of the sales team on 0141 773 3999. Alternatively e-mail glasgow@kerrandsmith.co.uk