Plant & Machinery Tax ReliefIf your year end is coming up it could be a good time to invest in some plant and machinery to minimise your tax liabilities.

You can claim capital allowances on items that you keep to use in your business – these are known as ‘plant and machinery’.

In most cases you can deduct the full cost of these items from your profits before tax using annual investment allowance (AIA).

If you’re a sole trader or partner and have an income of £150,000 or less a year, you may be able to use a simpler system called cash basis instead.