Alan Boby

First year allowances

First year allowances (FYAs) were re-introduced in 1998 for companies and businesses that are SMEs and currently stand at 40% of the expenditure incurred in the first chargeable period for plant and machinery generally. In addition, claims can be made at a rate of 100% for specialist items such as energy-saving equipment and 50% for small enterprises in the year ended 31 March 2005.