In this month’s budget statement, Rishi Sunak announced a new super-deduction capital allowance hoping that businesses invest more, continuing their bid to support businesses. Are you going to be making use of this new initiative?
From next month, up until 31st March 2023, businesses will be able to claim a 130% super-deduction capital allowance on qualifying purchases, such as machinery, and a 50% first-year allowance for qualifying unique rate assets. The super-deduction will give companies the option to cut their tax bills by up to 25p for every £1 invested. This makes it amongst the world’s most competitive regime.
Rules around digital assets are being questioned, but HMRC has confirmed that new IT equipment is within the super-deduction scope.
With businesses not able to run successfully without technology at its core, this new scheme can help you to:
- Upgrade legacy systems
- Support your work from home staff with increased collaborative technology
- Make your business more secure from cyber crime
If you’d like to chat more about the new super-deduction allowance please get in contact using the form below.