With there be a tax saving in your Easter Egg this year?
For most businesses the end of the tax year arrives in Easter and this is the perfect time to consider investing in new computer systems, IT hardware, software and peripherals.
Did you know that you can offset your Tax liability by investing in IT? Not only can you make a reduction to your tax bill, you can benefit from all of the perks that faster IT equipment and improved services will bring you and help to keep your business future proof.
When do you typically upgrade your equipment? Is it at regular yearly milestones, as and when it’s needed, or when you notice things are taking longer to do? By offsetting, you take advantage of your IT purchases for the current year, so if you are set to pay a higher tax amount this year, you can make a reduction by investing now. If not, the benefits won’t be realised till the following tax year.
So if your business could do with a performance lift or additional systems to cope with planned growth, now is the time to be a proactive and shrewd spender, for the maximum benefit to your business.
By planning for an annual IT budget, you can repeat the tax benefits each year. This will ensure that your business is kept right up to date with the latest proven technologies and in turn increase efficiency and productivity. Whereas a more ad hoc approach is more reactive and you may end up spending more in the long run.
We recommend speaking with your accountant to learn more about how your tax can be offset, as it’s not just IT purchases that qualify for a reduction to your tax liability. Expert advice from your accountant may also create a new opportunity for investment, that you had not already considered, so a consultation will be well worth having.
If you do miss taking advantage of the incentives for this tax year, take the time to plan your IT investment for next year and set out your budget. Enlist the help of both your accountant and us and make your investment work smarter for you.
Peace IT provides a complete One-Stop IT solution for businesses, everything from IT hardware and software, through to Cloud services, disaster recovery and consultancy.
If you’re not sure which of your IT needs updating or if you could benefit from any new proven technologies to improve your business, please get in touch as ask for our FREE IT Health Check. To get in touch, visit our new website for more information www.pearceit.co.uk or call us on 01452 222000.