In his latest budget statement, the Chancellor announced a new tax relief scheme called Full Expensing, which runs 1 April 2023 to 31 March 2026. It allows you to claim 100% capital allowances for qualifying investments in IT, in one go. This equates to a tax cut of up to 25p for every pound spent. Here’s how it works:
Full expensing in a nutshell
Full Expensing is the new tax regime, effective 1 April 2023 to 31 March 2026.
According to HMRC’s guidelines, qualifying expenditure which can be ‘fully expensed’ as a tax claim through this scheme will include:
- All capital licence fees for STL software**
- All capital licence fees STL partner software integrated into STL Evo, such as the b2b.store eCommerce app, Tableau Business Intelligence, Optrak routing software and PODFather cage tracking or proof of delivery systems**
- Hardware provided as part of STL’s solutions, including computers, servers, EPOS terminals, handheld devices and scanners
- STL services relating to initial project stages, including commissioning and installation fees, and any customisations and integrations with third-party solutions such as Sage accounting.
In short, this means that new IT solutions are now fully tax-deductible.
Find out more on the HMRC website: Spring Budget 2023 – Full expensing – GOV.UK (www.gov.uk)
So don’t delay, contact us today (01204 808008 or info@stl-solutions.com), to find out how we can help you drive your business forwards – and write off 100% of the cost.
** Only the capital licence fees qualify for Full Expensing, not monthly/periodic subscriptions which are already fully tax deductible under other tax schemes.