{"id":154752,"date":"2023-07-13T07:00:58","date_gmt":"2023-07-13T06:00:58","guid":{"rendered":"https:\/\/startups.co.uk\/?p=154752"},"modified":"2024-03-15T09:00:42","modified_gmt":"2024-03-15T09:00:42","slug":"full-expensing-regime-benefits","status":"publish","type":"post","link":"https:\/\/startups.co.uk\/accounting\/full-expensing-regime-benefits\/","title":{"rendered":"Full expensing explained: a small business guide for 2024"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400\">According to Jeremy Hunt&rsquo;s <\/span><a href=\"https:\/\/startups.co.uk\/news\/autumn-statement-startups-smes\/\"><b>autumn statement<\/b><\/a><span style=\"font-weight: 400\"> &ndash; <\/span><b>full expensing is here to stay<\/b><span style=\"font-weight: 400\">.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is good news for newer small and medium-sized enterprises (SMEs) as the scheme will carry on throughout 2024, providing tax allowances for new businesses in need of R&D or other investments in their first year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the government introducing legislation to make full expensing <\/span><b>permanent<\/b>, this <span style=\"font-weight: 400\">article will explain what it is, how it works, and whether it may benefit your startup. <\/span>[\/vc_column_text]<\/p><div class=\"jumplinks-content\">\n <h3 class=\"jumplinks-content-title\">\n In this article, we will cover: <\/h3>\n <ul class=\"jumplinks-content-list\">\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-what-is-full-expensing\">What is full expensing?<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-what-other-capital-allowances-are-available-for-smes\">What other capital allowances are available for SMEs?<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-autumn-statement-a-political-hot-potato\">Autumn Statement: a political hot potato?<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-2024-updates\">2024 updates<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-thoughts-from-the-small-business-community\">Thoughts from the small business community<\/a>\n <\/li>\n <\/ul>\n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-what-is-full-expensing\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>What is full expensing?<\/h2>\n<p><span style=\"font-weight: 400\">Full expensing is a 100% first-year tax allowance which allows companies to claim a deduction from taxable profits that is equal to 100% of their qualifying expenditure.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The allowance will help businesses to reduce corporation tax bills, but it is only available to <\/span><a href=\"https:\/\/startups.co.uk\/setting-up\/setting-up-a-limited-company\/\"><b>limited companies<\/b><\/a><span style=\"font-weight: 400\"> who pay <\/span><a href=\"https:\/\/startups.co.uk\/tax\/what-is-corporation-tax\/\"><b>corporation tax<\/b><\/a><span style=\"font-weight: 400\">.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is &ldquo;the largest business tax cut in modern British history&rdquo; according to Hunt. This will cost the government <\/span><b>&pound;11bn a year<\/b><span style=\"font-weight: 400\">, &ldquo;but today it is affordable&rdquo;.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Treasury also made their statement on the matter:<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;Due to the success of full expensing we are making it permanent. This means that companies that invest in the UK will reduce their tax by up to <\/span><b>25p for every &pound;1<\/b><span style=\"font-weight: 400\"> they spend on plant and machinery.&rdquo;<\/span><\/p>\n<h3>What assets does full expensing cover?<\/h3>\n<p><span style=\"font-weight: 400\">Qualifying &ldquo;plant and machinery&rdquo; includes:<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Warehousing equipment such as forklift trucks<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Tools such as ladders and drills<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Construction equipment such as bulldozers and excavators<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Machines such as computers and printers<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Vehicles (such as lorries, tractors and vans)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Office equipment such as chairs and desks<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Some fixtures such as kitchen and bathroom fittings<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fire alarm systems<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">There are exceptions though. For example, <\/span><b>Cheryl Sharp, founder and CEO of Pink Pig Financials<\/b><span style=\"font-weight: 400\"> explains that items must also be new.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;If you&rsquo;re looking to replace any equipment you&rsquo;ll need to weigh up whether the higher cost of new outweighs the savings against your tax bill,&rdquo; she says.&nbsp;<\/span>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#ea0037\">\n <path d=\"M94.0845406,5.55784045 C93.4629887,5.58758734 92.7723755,5.58758734 92.2198849,5.64708111 C92.0127009,5.66195455 91.7824965,5.67682799 91.5062512,5.66195455 C89.5955547,5.58758734 87.6618377,5.5727139 85.7511411,5.67682799 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M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n <div class=\"highlight-box-headline\">\n \n <span class=\"highlight-box-title\">\n A business expenses tip on repairs: <\/span>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><\/p>\n<ul>\n<li><span style=\"font-weight: 400\">Claim repairs as <\/span><b>business expenses<\/b><span style=\"font-weight: 400\"> if you&rsquo;re a <\/span><a href=\"https:\/\/startups.co.uk\/setting-up\/choosing-the-right-business-structure\/\"><b>sole trader or partnership<\/b><\/a><\/li>\n<li><span style=\"font-weight: 400\">Deduct from your profits as a business cost if you&rsquo;re a limited company.<\/span><\/li>\n<\/ul>\n<p><\/p>\n <\/div>\n <\/div>\n[vc_column_text]\n<h3>What happened to &lsquo;super deductions&rsquo;?<\/h3>\n<p><span style=\"font-weight: 400\">Full expensing is not the Government&rsquo;s most generous offer ever: the previous Super Deduction regime allowed businesses to deduct 130% of the value of qualifying assets from Corporation Tax. Full expensing is less generous in what you are allowed to expense, but saves you the same amount of tax per pound because Corporation Tax rates have risen in the meantime.<\/span><\/p>\n<p><b>Sharp<\/b><span style=\"font-weight: 400\"> states: &ldquo;Although this isn&rsquo;t quite as good as the super deduction rate, it does help to soften the blow of the <\/span><a href=\"https:\/\/startups.co.uk\/news\/government-reject-corporate-investment-tax-extension\/\"><b>increased corporation tax rates<\/b><\/a><span style=\"font-weight: 400\">.&rdquo;&nbsp;<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-what-other-capital-allowances-are-available-for-smes\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>What other capital allowances are available for SMEs?<\/h2>\n<p><span style=\"font-weight: 400\">As well as full expensing, UK businesses may utilise other forms of capital allowance in combination with full expensing, or if your enterprise isare not currently eligible at this time. Other capital allowances include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Annual investment allowance (AIA):<\/b><span style=\"font-weight: 400\"> this allows businesses to claim 100% of the cost of plant and machinery up to &pound;1 million a year.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Writing down allowances (WDA)<\/b><span style=\"font-weight: 400\">: this allowance spreadsspread the tax deductions over time at 18% and 6% a year for main rate and special rate expenditure respectively. According to the <\/span><a href=\"https:\/\/www.gov.uk\/work-out-capital-allowances\"><b>gov.uk website<\/b><\/a><span style=\"font-weight: 400\">, the percentage you deduct depends on the item. For business cars for example, the rate depends on their CO2 emissions.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>First-year allowances (FYA):<\/b><span style=\"font-weight: 400\"> allows a company to claim a percentage of the cost of plant and machinery investments in the year it is incurred.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Structures and buildings allowances (SBA): <\/b><span style=\"font-weight: 400\">you may claim 3% a year on qualifying costs up until the 33rd-and-a-half year of your businesses incorporation.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">When it comes to full expensing and other allowances, the plant or machinery must be brand new and unused, not second-hand.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">As with anything, check with your accountant, <\/span><a href=\"https:\/\/startups.co.uk\/accounting\/financial-advisors\/\"><b>financial advisor<\/b><\/a><span style=\"font-weight: 400\"> and\/or legal professional before making any huge purchases, and be sure to record all business expenses appropriately with <\/span><a href=\"https:\/\/startups.co.uk\/accounting\/best-accounting-software-small-businesses\/\"><b>quality accounting software<\/b><\/a><span style=\"font-weight: 400\"> that adheres to the &lsquo;<\/span><a href=\"https:\/\/startups.co.uk\/tax\/making-tax-digital-vat-deadline\/\"><b>Making Tax Digital<\/b><\/a><span style=\"font-weight: 400\">&rsquo; guidelines for maximum protection and benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;It is not a one-size-fits-all solution,&rdquo; says <\/span><b>Alastair Hazell, Founder of The Calculator Site<\/b><span style=\"font-weight: 400\">. &ldquo;Each business should carefully consider the best way to utilise these tax benefits, and in some cases, seeking expert guidance could be beneficial.&rdquo;<\/span><\/p>\n<h3>Where can I get more help?<\/h3>\n<p><span style=\"font-weight: 400\">To find out more about how to use the full expensing allowance you can visit the government website or speak to your accountant. Having the <\/span><a href=\"https:\/\/startups.co.uk\/accounting\/best-accounting-software-small-businesses\/\"><b>right accounting software<\/b><\/a><span style=\"font-weight: 400\"> for your small business will also help you access and collate the information that you need.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-autumn-statement-a-political-hot-potato\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Autumn Statement: a political hot potato?<\/h2>\n<p><span style=\"font-weight: 400\">Hunt has said he did not opt for &ldquo;crowd-pleasing taxes&rdquo; in his autumn statement as a pre-election giveaway, and emphasised that the government&rsquo;s main &ldquo;long-term goal&rdquo; is simply to boost the economy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;I could have unfrozen some of those [income tax] thresholds, I could have done things like inheritance tax, I chose to cut the taxes that will make the best long-term difference to our growth and prosperity. Those aren&rsquo;t necessarily the taxes on the tip of everyone&rsquo;s tongue but they are the taxes that will make the biggest difference.&rdquo;<\/span><\/p>\n<p><span style=\"font-weight: 400\">These tax cuts have also put the Labour party in a tricky position with a general election coming, risking losing voters if it decides to reverse the government&rsquo;s decisions.&nbsp;&nbsp;<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-2024-updates\"><\/div>\n<\/div>\n[vc_column_text]<span style=\"font-weight: 400\">Here are a few other key notes and comparisons of the updates that will affect SMEs this quarter for quick and easy reference:<\/span>\n<p>\n<\/p><table id=\"tablepress-1112\" class=\"tablepress tablepress-id-1112\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Spring statement 2023<\/th><th class=\"column-2\">Autumn statement 2023<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">- Full expensing was introduced, but with a deadline\/cap: Hunt only gave SMES until 1 April 2026 to claim.<br>\n<br>\n- Small business multiplier: A one year 75% discount on business rates up to &pound;110,000.<br>\n<br>\n- Corporation Tax: The main rate of corporation tax was increased tp from 19% to 25%<br>\nR&D scheme updates (for larger companies): The Research and Development Expenditure Credit (RDEC) for large companies will increase from 13% to 20% of qualifying expenditure.<\/td><td class=\"column-2\">- Full expensing now permanent<br>\n<br>\n- Small business multiplier continued<br>\nAI investment: An additional &pound;500m has been allocated for the development of computing power for artificial intelligence.<br>\n<br>\n- NI contributions: From January employee national insurance contributions will drop from 12% to 10%, which is a &pound;450 tax cut for the average worker earning &pound;35,400.<br>\n<br>\n- Self employment changes: From April 2024, self-employed workers will no longer have to pay class 2 NICs (which were &pound;3.45 a week). class 4 national insurance at 9%. That will go down to 8%. Taken together, these measures will save self-employed workers &pound;350.<br>\n<br>\n- R&D scheme updates: loss-making companies that are taxed within the R&D scheme will now have their rates reduced from 25% to 19%. The threshold for additional support for R&D intensive loss-making SMEs will be lowered to 30%.<br>\nFurther business rates discount for hospitality, retail and leisure: worth &pound;4.3bn.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-thoughts-from-the-small-business-community\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Thoughts from the small business community<\/h2>\n<p><span style=\"font-weight: 400\">While some have applauded this move, others have reacted with caution or discontent.<\/span><\/p>\n<p><b>Mike Dean, co-founder and managing director of Whisper Claims<\/b><span style=\"font-weight: 400\"> tells Startups:<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;My personal opinion is that this is driven by the Government&rsquo;s desire to have a more easily managed scheme, and has nothing to do with the potential impacts on businesses.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The smallest of businesses are those that require most help and support yet all of the recent changes are balanced against them &ndash; this seems like a fundamental error by the Government.&rdquo;<\/span><\/p>\n<p><b>Robert Garbett, CEO of Drone Major Group<\/b><span style=\"font-weight: 400\">, is also adamant that the longstanding R&D strategy that the full expensing scheme aims to aid is still fundamentally flawed.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;Many of the innovation funding organisations that distribute much of this funding are private companies whose entire business is based on bidding for and expanding Government money,&rdquo; he explains.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;This has resulted in the emergence of a self-perpetuating industry focused almost entirely on handing out taxpayers&rsquo; money, without a proper strategy for how to bring important <\/span><a href=\"https:\/\/startups.co.uk\/news\/ai-startups-to-watch\/\"><b>emerging technology<\/b><\/a><span style=\"font-weight: 400\"> to market.&rdquo;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Others remain optimistic, however, and believe this permanent change are a step in the right direction at least.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;Generally speaking, these are good measures,&rdquo; <\/span><b>Rafie Faruq, cofounder and CEO of Genie<\/b><span style=\"font-weight: 400\"> AI says. &ldquo;The R&D Scheme has long been bureaucratic and cumbersome for little marginal benefit.&rdquo;<\/span>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" 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90.4680271,4.01704002 90.3776375,4.01704002 C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n <div class=\"highlight-box-headline\">\n \n <span class=\"highlight-box-title\">\n Business tax rules and deadlines for SMEs <\/span>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><span style=\"font-weight: 400\">Tax knowledge is essential for all business owners &ndash; here&rsquo;s how you do your taxes correctly, and <\/span><a href=\"https:\/\/startups.co.uk\/tax\/business-tax-rules\/\"><b>the key dates<\/b><\/a><span style=\"font-weight: 400\"> you&rsquo;ll need to complete them by.<\/span><\/p>\n <\/div>\n <\/div>\n[\/vc_column][\/vc_row]\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]According to Jeremy Hunt&rsquo;s autumn statement &ndash; full expensing is here to stay.&nbsp; This is good news for newer small and medium-sized enterprises (SMEs) as the scheme will carry on throughout 2024, providing tax allowances for new businesses in need of R&#038;D or other investments in their first year. With the government introducing legislation to [&hellip;]<\/p>\n","protected":false},"author":91509,"featured_media":156814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3017],"tags":[4369],"acf":[],"yoast_head":"\n<title>Full Expensing Guide For 2024 | Startups.co.uk<\/title>\n<meta name=\"description\" content=\"The full expensing scheme being continued may be something of a relief for new UK small businesses. 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