Time to invest in capital equipment
The British Compressed Society comments: The Chancellor’s ‘super deduction’ is a record-breaking opportunity for businesses to reduce their corporation tax liability by 130% of the value of any investment they are making in the next two years on compressed air systems. This equates to a significant cash windfall for businesses and will help to bolster cash flow at a critical time.
Companies will be able to claim a deduction from their tax bill if they invest in compressor systems for their business. Under the super deduction for qualifying expenditure incurred from 1 April 2021 up to and including 31 March 2023, companies can claim:
A super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances.
First-year allowance of 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances.
The range includes anything from computer equipment to a new production line and for air users includes compressors, dryers, gas generators, vacuum pumps and low-pressure equipment.
For further information, visit BCAS’s dedicated webpage at www.bcas.org.uk/time-to-invest-in-captial-equipment-super-deductiontax-break.aspx
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