Bristol-based chartered accountants Whyatt Pakeman Partners are urging hauliers and transport firms to take advantage of new enhanced capital allowances.
The Annual Investment Allowance (AIA), introduced in 2008, enables businesses to claim 100% tax relief on qualifying expenditure on 
plant and machinery in the year of purchase.
From January 1 this year this valuable allowance was increased from £25,000 to £250,000 for two years, providing a significant opportunity for businesses looking to invest in new equipment.
However, there are pitfalls. Businesses with chargeable periods spanning the rate change need to take into account the complex transitional rules, which do not work as many expect them to.
Whyatt Pakeman transport finance expert Tracy Hall says businesses with significant cash reserves or finance should make best use of this temporary increase in the AIA.
“If firms were planning expenditure they should consider bringing it forward to the next financial year in light of this relief now available,” she said.
“At Whyatt Pakeman we have considerable experience in acting for firms within the transport sector, with significant experience with capital allowances.
“We can help businesses overcome any transitional rules, enabling them to invest and take advantage of this new relief.”
