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By Tiana Bradshaw | Published on April 20, 2021 | 2 min read
On 3rd March 2021, the Chancellor announced in the Budget that from 1st April 2021, companies investing in new plant and machinery will get a 130% first year allowance. This has the potential to reduce your tax bill on qualifying equipment by up to 25%! It is for companies who are charged corporation tax (meaning partnerships, LLPs and sole traders are not included).
Usually, the deduction would be 100%, or an 18% allowance per annum.
• Solar panels
• Computer equipment and servers
• Tractors, lorries, vans
• Ladders, drills, cranes
• Office chairs and desks,
• Electric vehicle charge points
• Refrigeration units
• Foundry equipment
It is claimed in your company tax return, so you will need to work with your accountants to ensure they are aware of the deduction and any qualifying purchases as of 1st April and beyond.
There is no annual limit.
New purchases can qualify, subject to conditions. For more information, go to Gov.uk.
The Super Deduction is a first-year allowance and there are exclusions, so you need to ensure purchases qualify before making any commitments. It also does not apply for orders placed before 3rd March 2021 (even if you do not receive the equipment until after 1st April 2021).
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