We’ve almost reached the end of the year and what a year it’s been! Many will be glad to see the back of 2020 but before it goes, it’s worth remembering that Annual Investment Allowance runs January to December so there is a little bit of time left to take full advantage of this year’s benefit. It was great to see the CBILS facility being extended and furlough too at the beginning of the month, and it made absolute sense when two weeks later, the government announced that AIA would stay at £1m for 2021
Admittedly 2020 has been a peculiar year; it’s been challenging for many business owners with so much uncertainty around us and quite often large purchases are put on the back burner, but now could be the right time to buy. If you are in a position to make a purchase in the current climate, you may find that you are in a position of power. There is likely to be more room than usual to negotiate on price or spec of equipment – it might be that you can secure a much greater discount than you could 12 months ago. Not only that, but as AIA runs with calendar years, you can still take advantage of any remaining allowance before the year ends so regardless of when your financial year stops, now might just be the right time for you to invest in your business.
Don’t let concerns about cash reserves hold you back: you can arrange a Hire Purchase facility to buy equipment, and if you qualify this can be done in conjunction with CBILS to achieve even greater savings. This is a great way to take full advantage of the support available to businesses in the current climate, the generous AIA and also spread the cost of the goods over a period that suits your budget.
Get in touch now to discuss how we can help you to achieve fantastic results for your business, even in these trying times…