These are called Capital Allowances and are what are allowable against taxable profit. A business can depreciate its assets anyway it likes, over 1 year or over 20, reducing balance or straight depreciation. However, it matters not one jot to Gordon Brown, as for tax purposes one must use the Treasury CAs and the set rates provided. Investing in Capital Assests purely to soak surplus cash and prevent it being taxed is ok but it will play havoc with your "return on capital employed" ratios.
Sometimes assets are sold, such as a company car, If, on disposable, the value of the realised asset is greater than the written down CAs value then a taxation balance is charged.
The only things that one is allowed a 100% write off in year are computers - and this for only small businesses (Treasury defintion of business size only).
Of course operating expenses are deductable from Gross Profit ... shoes (safety, for the use of) being a good example.
One also has to be careful with investments in items classed as Goods and Chatels (i.e. the missus) as these will be subject to Capital Gains tax on their disposal if a profit is realised.
There are all sorts of other things going on such as rollover, 1980s tax rebasing (twice), change of use etc., which we should all just walk away from and pretend they don't exist.
I hope this makes everything as clear as a pint of Guiness.
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