Government 2023 Spring Budget Offers 100% Write-offs on IT and Other Equipment
If you’re not already aware, the government’s recent 2023 Budget allows for companies to claim 100% capital allowances on qualifying plant and machinery investments against taxable profits for the next 3 years. This includes IT equipment, such as computers and printers.
From the gov.uk website:
Most tangible capital assets, other than land, structures and buildings, used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances.
Plant and machinery that may qualify for full expensing includes (but is not limited to):
- machines such as computers, printers, lathes and planers
- office equipment such as desks and chairs
- vehicles such as vans, lorries and tractors (but not cars)
- warehousing equipment such as forklift trucks, pallet trucks, shelving and stackers
- tools such as ladders and drills
- construction equipment such as excavators, compactors, and bulldozers
- some fixtures such as kitchen and bathroom fittings and fire alarm systems