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HOW SUPER IS THE SUPER DEDUCTION?


For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying equipment purchases with NO UPPER LIMIT!


This also includes qualifying new assets purchased using finance. This means that not only can you spread the cost of purchase, over a number of years, through an Approved Business Finance facilitated agreement but you can also reclaim the Super Deduction when purchasing qualifying equipment (with no upper limits).


The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest. This provides significantly faster tax relief for qualifying investments, helping businesses to invest and grow.


What does this mean in practice?


A company incurring the following amounts of qualifying expenditure who decides to claim the super-deduction can achieve the potential savings below:


QUALIFYING ASSETS £100,000 £250,000 £500,000 £1,000,000


SPEND ON


DEDUCTION £130,000 £325,000 £650,000 £1,300,000


*Potential Tax savings are based on qualifying purchases only. Please speak to your accountant for full details.


Who can participate? Only companies who pay corporation tax can take advantage of this tax incentive. However, sole traders and partnerships can look to still take advantage of the Annual Investment Allowance which is currently set at £1 million and is in place until 31st December 2021.


What expenditure qualifies? Expenditure must be on equipment such as new and unused plant machinery, factory fit outs, scaffolding and catering equipment (exclusions apply, speak to one of our AMs for more detail). Expenditure needs to be incurred on or after 1 April 2021, but before 1 April 2023. Most tangible capital assets used in the course of a business are considered equipment, plant and machinery for the purposes of claiming capital allowances.


If you are looking to purchase machine assets, please contact: Bob Mills on 07535 535410 or email bobm@cherrytreemachines.co.uk to start the process


SUPER


*POTENTIAL TAX SAVING


£24,700 £61,750


£123,500 £247,000


SUPER-DEDUCTION (VERSION 1 -April 2021) Eligibility criteria are outlined in the published tax information and impacts note, found at www.gov.uk/government/publications/new-temporary-tax-reliefs-on-qualifying-capital-asset-investments-from-1-april-2021


Approved Business Finance Ltd is an independent asset finance brokerage and not a lender. Approved Business Finance Ltd is an Appointed Representative of AFS Compliance Ltd, which is Authorised and Regulated by the Financial Conduct Authority, firm number 625035. Approved Business Finance Ltd is a Franchisee of Asset Finance Solutions (UK) Ltd.


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