That’s according to David Foster, managing director of Braemar Finance, who advises practice owners to bring forward any spending plans.
A window of opportunity has been opened, he says, with a temporary increase in Annual Investment Allowance from £50,000 to £250,000.
He said: ‘The AIA allows you to benefit from 100% tax relief on £250,000 of investment until the end of 2014. For all dentists with plans to invest in equipment, the increase in AIA is extremely good news. If you need to borrow money to exploit this opportunity, come and talk to Braemar Finance.’
David said he anticipates dentists wanting to benefit from such a generous and legal tax break, adding: ‘With the appropriate finance in place, a tax break of this kind will facilitate a major investment in equipment, a surgery redesign or practice extension. Braemar’s acceptance rate on loans to dentists is 97% so do try us if you are considering an investment in your practice.’
He continued: ‘A recent survey we carried out showed 64% of current client base have borrowed from Braemar for between 6-20 years and 98% would recommend Braemar.’
Launched in 2008, the AIA originally stood at £50,000 before being increased to £100,000 and then later reduced to £25,000 for investment from April 2012.
The increase to £250,000 was announced by Chancellor George Osborne in his Autumn Statement.