April 04, 2022
Super Deduction Anyone?
A subject that has come up in conversation several times over the past week. Many individuals are unaware that the Super Deduction tax relief is still going! Yes, that's right it's still on until 31st March 2023. Many businesses are missing out on new machinery, tools and plant investment, as they don't realise what they can gain by buying now rather than leaving it. Click here for a link to the .Gov fact sheet.
What are the benefits?
- The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest
- The UK capital allowances regime is amongst the world’s most competitive for your business and other UK businesses that support you
- Gives you a larger budget for new investments in plant, machinery & tooling
What are plant, machinery and tooling?
Most tangible capital assets used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances. However, there is not an exhaustive list of plant and machinery assets from HM Treasury Dept'. The kinds of assets which may qualify for either the super-deduction or the 50% FYA include, but are not limited to:
Most tangible capital assets used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances. However, there is not an exhaustive list of plant and machinery assets from HM Treasury Dept'. The kinds of assets which may qualify for either the super-deduction or the 50% FYA include, but are not limited to:
- Solar panels
- Computer equipment and servers
- Tractors, lorries, vans
- Ladders, drills, cranes
- Office chairs and desks,
- Electric vehicle charge points
- Refrigeration units
- Compressors
- Foundry equipment
What have we got to gain? Why are we talking about it in a fixings company newsletter? Don't forget that we supply tools for the installation of the fixings. From handheld manual tools to production line automatic installation tooling. One-stop happy shop! If you have any requirements please email or telephone us.
Jay
