Following the recent Government announcement about the launch of a Super-Deduction tax break, North East Truck and Van takes a look at how your business can take advantage.
How does the Super-Deduction work?
Announced as part of the 2021 Budget, the scheme is designed to encourage businesses to invest in assets and machinery, with up to a 25p saving on a company's tax bills for every qualifying pound spent.
Offering 130% relief on first-year plant and machinery investment (including vans and trucks), £100,000 of expenditure will have £130,000 of corporation tax deduction. This will give £24,700 of corporation tax relief at 19%.
What assets are allowed for the Super-Deduction?
The Government announcement states that tangible assets that are applicable for the scheme include ‘Trucks and Vans’. View the latest IVECO, Fiat Professional and Maxus ranges for availability.
For full information and guidelines for the Super-Deduction scheme and terms and conditions, please visit https://www.gov.uk/guidance/super-deduction.
Further information about how North East Truck and Van can help with your individual business requirements, call 01642 370555.