There were minimal changes in the Chancellors Budget that affect the allowances and relief for the new tax year 2021/2022 however there was one huge area that we’re very interested in.
We’re very interested in it as the impact benefits for a whole range of our clients is huge and that’s the 130% uplift on Super Deductions on expenditure incurred between 1 April 2021 and 31 March 2023. During this period, companies can claim 130% capital allowances on investments in qualifying plant and machinery which means that for every £1 a company invests, their taxes are cut by up to 25p.
What makes this even more interesting to our clients is the definition of “plant and machinery” in this case.
HMRC have published guidance around the topic and in that guidance, items that are classed in this category that qualify for the Super Deductions include: –
Computer equipment & servers – does your IT equipment need upgrading to future proof your activity?
Office Chairs & Desks – are you looking to invest in yourself and your staff with ergonomically designed chairs and chairs? Did you think stand/sit desks were out of your budget?
Electrical Vehicle Charge Points – as the countdown to Diesel engines production ceases, there’s never been a better time to look to the future and benefit your workplace and your visitor experience too.
It looks like an ideal time to invest in your company, your staff and the environment and encourage safer and conscientious business decisions.
We’ll be talking to all of our clients around this in coming months – always inspiring them to aspire!