BUDGET 2021: SUPER DEDUCTION SAVINGS
As the dust settles on last week's Budget 2021 announcement, the manufacturing industry is beginning to process the latest governmental schemes and initiatives to promote growth after the Covid-19 pandemic.
Arguably the most generous programme is the "Super Deduction" scheme, which offers 130% first-year tax relief on your new machine tool purchase; but what does this mean in practice and why does it mean now is the perfect chance to invest in new machinery?
• Spending £100,000 on a new machine will mean you can deduct £130,000 when computing your taxable profits
• Deducting £130,000 from taxable profits (130% initial investment) will save you up to 19% of that – or £24,700 – on your corporation tax bill.
See the government's press release on this here
Factor in Ward Hi Tech's "Buy Now Pay December 2021" scheme. What this means in practice is that you can secure a finance package on your new machine tool today, not pay for it until December 2021 (a nine month payment holiday!) AND save thousands of pounds on your tax bill.
Contact us today for full details on this offer and see how we can help you today.