Just in case you missed it in our Spring Budget release last month, this new tax relief is for those businesses that buy plant and machinery.
Since the start of the pandemic, investment levels in business have fallen quite dramatically so the Government is introducing this Super Deduction to encourage more investment in our businesses, continuing the trend of improving our economic growth.
What is the Super Deduction?
The Super Deduction will provide tax relief for companies investing in qualifying plant and machinery. They can claim a 130% capital allowance deduction for £1 of qualifying expenditure.
Here are some of the more common items that can be classed as plant and machinery:
Computer equipment and servers
Tractors, lorries, vans
Ladders, drills, cranes
Office chairs and desks,
Electric vehicle charge points
If you are in doubt as to how this affects you then get in touch, we'd be happy to talk you through it. Our office is in West Bridgford, Nottingham but we support companies throughout the UK.
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