The COVID-19 pandemic has resulted in low levels of business investment throughout the UK. In an effort to stimulate investment and encourage economic growth the Government have announced that they will be introducing a corporation tax super-deduction. The change involves a temporary increase on tax reliefs for expenditure on plant and machinery investments between April 1st 2021 and March 31st 2023. This allows companies to 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
● a first year allowance of 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances
This presents a fantastic opportunity to invest in new plant and machinery equipment for your business, setting you up for future success while lowering your corporation tax bills. At JDS Compressors we can design, supply and install bespoke air compressor systems that will meet the specific needs of your business. Air compressors are included in the list of assets that qualify for the tax relief, allowing you to improve your business at a reduced price.
For more information on the super-deduction, you can read more on the Government website. If you’d like to discuss how our air compressor solutions can benefit your business, get in touch with us today.