AIA Increased to Encourage Investment in Machinery
Yesterday the chancellor Philip Hammond, announced the Annual Investment Allowance (AIA) is being increased from £200,000 to £1m for two years to allow for factories to invest in machinery. This investment allowance means that businesses can deduct qualifying capital expenditure from its taxable profits to spend on machinery, tools and other business equipment. This comes into effect from January 2019 as part of the package aiming to boost businesses.
Carolyn Fairbairn from the Confederation of British Industry (CBI) confirmed that the chancellor has created a ‘bumper package’ which is bound to inspire businesses to invest more into their factories and machinery.
This is just one form of help towards the costs of introducing automation into organisations, many local authorities provide support and the team at SP Technology are always happy to provide support with the paperwork required as this may seem a dauntingly long process, however broken down into smaller steps we can ensure you receive the correct entitlement.