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GLOSSARY

Fixed asset definition

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What does Fixed asset mean?

Fixed assets are long-term assets that provide benefits to businesses and can include buildings, machinery, and patents. Capital allowances can be claimed on certain types of fixed assets, allowing businesses to deduct the cost of qualifying assets from their taxable profits. The amount of capital allowances that can be claimed depends on the type of asset and its use. Claiming capital allowances on fixed assets is an important consideration for UK tax professionals when advising clients on tax planning strategies, as it can help reduce tax liabilities and improve cash flow.

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