Solar and Corporation Tax - Reduce your tax liability and your bills

20 February 2024 @ 16:00 GMT by TB Electrics

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Solar and Corporation Tax

 How long it takes for a Solar PV system to pay for itself is significantly shorter than you think if you include the tax relief that is available when installing Solar Panels - Below we give you and idea of how this could impact your business 

We all know that being socially conscious is a big thing for most businesses these days and investing in Solar PV is a way to make big savings on your energy bills, but it can also reduce your Corporation tax bill 🌿

Finance Directors want to do their bit to bring about change where the environment is concerned, but they also want to make the most of the profits for the business - Solar PV helps all business savvy FD's and owners in two ways 

1. Reduce the tax liability the business is having to pay - by installing solar pv panels and having the business pay for it (or finance it ) means that you have an asset that is owned and as the expenditure on solar panels is designated as special rate, you could qualify for capital allowances property tax relief which has a very generous first year allowance a business in the UK can claim (as long as they pay tax, they own the panels, and they are on a commercial building 🏢🏭)  and if you can use your Annual Investment Allowance as well there are even more savings to be had 

for example, if you were to spend £100,000 on Solar Panels your tax bill could reduce by up to £25000 or £12500 (dependent on your AIA and Corporation tax rate %)

BUT THATS NOT ALL - YOU COULD ALSO

2. Reduce the cost of your energy bills - by generating your own electricity on site, you are not buying that electricity in - meaning a huge saving year on year for the lifetime of the solar panel system

for example, if that £100,000 solar system generated 86000kwh of electricity and you used it all on site - that would save you another £25900 (if you were paying 30p per kwh for your electricity)

Thats a massive £50900 potential saving in one year that could be in your businesses pocket and not the tax mans or the electricity suppliers

What is your business doing at the end of this tax year - what are you investing in?

Could you be claiming some of your costs back with capital allowances? Do you want to invest in a green technology that really does make sense financially and morally and save money ?

Here at TB Electrics we have been installing solar for over 12 years and we know that all businesses will benefit in some way by installing a Solar PV system - so what are you waiting for  - Let us show you what we can do 


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