THE INLAND REVENUE SALE CONTINUES
Is it a bird?
Is it a plane?
No, it’s …… Super-Deduction ?
Until March 31 2021, if a limited company bought equipment, it reduced the tax bill by 19%.
From April 1 2021 it’s now called ‘Super – Deduction’ and enhanced by 30% to 24.7 % for anything bought up until March 31 2023 ?
More generosity from our Charitable Chancellor ?
Capital Equipment includes –
- Plant
- Machinery
- Tooling
- Computer Equipment
- Furniture
- Software
- Commercial Vehicles (vans/lorries etc.)
Spend £100,000 and save £24,700 in tax instead of £19,000!
But here’s a health warning ⚠️
When you sell that equipment there’s a tax bill.
After 1 April 2023 that tax bill increases substantially.
So plan this carefully with a proper accountant/tax professional, so there’s no nasty surprises in a couple of years.
Are you going to experience a super deduction?
Will it make you more attractive to men/women/both when you talk about your new enhanced equipment?
Do you like saving tax?
You can find out more about the super-deduction on the Government website, or give us a call if you would like to get sone advice on how this impacts your business and your future tax bills.