In these difficult times, it is very obvious that a number of core sectors are taking quite a brutal COVID hit. As we have seen when the pandemic started, a little bit of government intervention stimulus provides some welcome reprieve to local businesses trying to weather the storm.
In his recent announcement earlier this month the Chancellor, Rishi Sunak introduced the new super-deduction scheme for new plant & machinery purchases.
Sunak’s announcement is good news for UK businesses looking to invest over the next two years: – The super-deduction period began on 1 April 2021 and it will run until 31 March 2023. – The new rules will benefit companies only, who are investing in qualifying new plant and machinery. – The Super Deduction Tax Relief, provides tax relief of 130% on qualifying spend. It will in effect enable companies to receive 25p of relief for every £1 of eligible expenditure. – The investment must be in new qualifying plant and machinery and it should be made in the next two years.
HM Treasury has produced a Super Deduction fact sheet here.
This scheme is a lot more generous than the current scheme. The upfront payback also means you can use this money here and now when it’s most needed after the difficult year.
If you have been putting off buying a Demtruk lately, maybe this move will be the final push you need. Take a moment to read the governments information linked above and see if you qualify.
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