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Long-Life Assets

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Your business might have a lot of different moving parts and keeping track of them all isn’t easy. When it comes to your assets, long-life assets (which may be considered for Capital Allowances) are deemed to be those that are expected to have a useful, economic life for at least 25 years, and could be pooled with Writing Down Allowances (WDA) or claimed as part of the Annual Investment Allowance (AIA) in the year of acquisition.

If you are looking to invest in Long-Life Assets, it’s also important to know that:

Plants and machinery which is a fixture or provided for use in a dwelling/hotel /office/showroom (or HMRC have confirmed that at least 75% of the building is used for that basis)
Cars or Motorbikes
Expenditure incurred before 1 January 2011 on the provision of ships of a sea-going kind used for sports/recreation, or offshore installations
Expenditure incurred before 1 January 2011 on railway assets wholly or exclusively for a railway business is excluded from this expenditure.

If you’re unsure whether your asset qualifies as ‘long-life’, or if you should be pooling or claiming a different relief, our experts are here to help you! Our team can help you determine what assets your business owns, how potential new ones will be classified, and make sure that you’re getting the reliefs and claims that keep you compliant with the law and give you the best use of your allowances. Find out more today!

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