As the deadline approaches, it’s important for businesses to take advantage of the tax relief offered by the government. From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets are able to claim a 130% super-deduction capital allowance on qualifying plant and machinery investments, as well as a 50% first-year allowance for qualifying special rate assets.
This tax relief is a great opportunity for local businesses in North Wales, especially those in the manufacturing and agricultural sectors. Investing in new plant and machinery can be a big decision, but this tax relief makes it a no-brainer. It’s a chance to upgrade equipment and invest in productivity-enhancing assets that can help businesses grow.
At CDC Accounting, we’re passionate about helping local businesses take advantage of this tax relief. We’re based in Wrexham and have been serving the local community for years. Our team of experts can help businesses navigate the process and ensure they’re taking advantage of all the available tax relief.
Now, let’s talk about the super-deduction. It’s an impressive 130% capital allowance, which means for every £1 a company invests in qualifying plant and machinery assets, they can cut their tax bill by up to 25p. This is a generous tax break and puts the UK’s capital allowances regime among the most competitive in the world.
And don’t forget about the 50% first-year allowance for qualifying special rate assets. This is another tax relief that’s available for businesses investing in assets like integral features, long-life assets and thermal insulation. With this tax relief, businesses can claim back 50% of the cost of these assets in the first year.
But there’s a catch. The deadline to claim this tax relief is 31 March 2023. That’s less than a month away! If your business is considering investing in new plant and machinery assets, it’s important to act quickly to take advantage of this tax relief before it’s too late.
At CDC Accounting, we’re here to help. Our team of experts can provide guidance on the process and ensure your business is making the most of this tax relief. We’ve helped countless businesses in North Wales take advantage of tax breaks like this, and we’d love to do the same for your business.
In conclusion, the super-deduction and first-year allowance are fantastic opportunities for local businesses to upgrade their plant and machinery assets and invest in their growth. But with the deadline just around the corner, it’s important to act quickly to take advantage of this tax relief.
Contact CDC Accounting today to see how we can help your business make the most of this generous tax break. And if you need some extra motivation, just think of all the things you can do with the money you save on your tax bill – maybe a team outing to Snowdonia or a pint at the local pub!
