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JOHN WARD shines a light on photovoltaic units, income from micro-generation of electricity, tax and tax credit planning
KEY POINTS
- Income from electricity generation can be tax free if it is not ‘significant’.
- Business use and entitlement to capital allowances.
- The impact on tax National Insurance and tax credits.
- Maximising the value of energy savings and allowances.
- Will VAT registration be worthwhile?
When it comes to renewable energy the current topic causing the sparks to fly is income tax. Can a sustainable energy source reduce tax liabilities or will your eco-friendly intentions come with a shock?
Photovoltaic units are solar systems installed on the roof of a house or building to generate electricity which can then be used for personal or business consumption; however any excess can be sold to the national grid.
There are various sizes of units available: for example a system costing £12 000...
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