News and Events

The annual investment allowance for business has been increased from £25k to £250k which means Hire Purchase and Lease Purchase will be more tax efficient than leasing for many businesses.
This is effective from Jan 2013 and lasts for 2 years.
The annual allowance rate does depend on the financial year end as there are now several different rates in place. A customer’s accountant will be able to advise on the financial impact..
Not every business will be able to get HP due to the implications of the consumer credit act.
Please contact us if you need more information.

ING has taken the decision to discontinue asset finance activities in the UK and run off its portfolio. In the current economic climate, ING Group has placed its strategic objective on focusing on its core markets and franchises, and concentrating available resources at those markets where they can demonstrate strongest competitive advantage and growth potential. Although ING Lease UK has built a strong reputation in the UK, Leasing no longer fits as part of ING’s strategy for the UK.

Business tax and investment incentives
Corporation tax
Corporation tax rates and bands are as follows:
Financial year to 31 March 2013 31 March 2012
Taxable profits
First £300,000 20% 20%
Next £1,200,000 25% 27.5%
Over £1,500,000 24% 26%

The main rate of corporation tax will be reduced to 23% for the financial year commencing 1 April 2013 and to 22% for the financial year commencing 1 April 2014.
Capital allowances
From April 2012 there will be a reduction in the amount of expenditure on plant and machinery that qualifies for a 100% year one write-off (via the Annual Investment Allowance (AIA)), from £100,000 to just £25,000.
In addition, from 1 April 2012 (for businesses within the charge to corporation tax) and from 6 April 2012 (for businesses within the charge to income tax), the rates of writing down allowances will be reduced from 20% to 18% (main rate pool) and from 10% to 8% (special rate pool). For businesses with years straddling 31 March/5 April, there will be a transitional AIA and writing down allowance.
From April 2012 the availability of capital allowances to a purchaser of fixtures will be conditional on businesses following a new statutory mechanism for fixing a value for fixtures within two years of a sale.
As announced in the Autumn Statement, the Enterprise Zones in assisted areas will qualify for enhanced capital allowances. In these
areas, 100% First Year Allowances will be available for expenditure incurred by trading companies on qualifying plant or machinery. The qualifying expenditure must be incurred between 1 April 2012 and 31 March 2017.