Attention service and repair providers! Do you pay corporation tax?

legal updates

Companies to cut their tax bill by up to 25p for every £1 they invest, making the UK capital allowance regime one of the most competitive in the world.

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You need to know about ‘Super-deduction’ NOW!

Tax advice is not really our ‘bag’ but after reading a fascinating article by workshop owner and motor trade luminary, Hayley Pells, on ‘Super-deduction’, we felt compelled to share and endorse her musings.

From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim:

  • A 130% Super-deduction capital allowance on qualifying plant and machinery investments;
  • A 50% first year allowance for qualifying special rate assets; and
  • Allow companies to cut their tax bill by up to 25p for every £1 they invest, making the UK capital allowance regime one of the most competitive in the world.

For further commentary, we can do no better than direct you to Hayley’s blog:

Moreover, guidance is available from GOV.UK via its factsheet:

Of course, none of this is substitute for proper professional advice. Should you have any queries, doubts or concerns about anything you read here, then you should speak with your accountant.

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Howard TilneyHead of Strategy / Legal AdvisorRead More by this author

Related Legal Updates

Reductions in Business Rates

Companies are likely to be approaching you already knowing that you are entitled to this saving.

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