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This guide looks at claiming capital allowances to minimise your business’ tax bill.
A capital allowance is the tax equivalent of depreciation.
For example, a business buys a lathe for £10,000 and believes the lathe has an estimated useful working life of 10 years. The business may choose to depreciate the asset at the rate of £1,000 a year until it has a net book value of zero after 10 years.
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