{"id":4076,"date":"2023-02-21T00:00:00","date_gmt":"2023-02-21T00:00:00","guid":{"rendered":"https:\/\/hebblethwaites.com\/index.php\/do-not-miss-out-on-super-tax-break\/"},"modified":"2023-02-21T00:00:00","modified_gmt":"2023-02-21T00:00:00","slug":"do-not-miss-out-on-super-tax-break","status":"publish","type":"post","link":"https:\/\/hebblethwaites.com\/index.php\/do-not-miss-out-on-super-tax-break\/","title":{"rendered":"Do not miss out on super tax break"},"content":{"rendered":"<p>Businesses are being urged to take advantage of the 130 per cent super-deduction tax relief before its March deadline.<\/p>\n<p>Introduced during the pandemic, super-deduction was designed to help organisations continue to invest through the difficult times.<\/p>\n<p>But from March 31, the support will draw to a close.<\/p>\n<p><strong>What is super-deduction?<\/strong><\/p>\n<p>Super-deduction is a tax incentive to encourage companies to invest in qualifying assets, from vans and cranes to office desks and chairs. It was intended as a tax break for those businesses hesitant about investing during the pandemic to help trigger an economic recovery.<\/p>\n<p><strong>How does it work?<\/strong><\/p>\n<p>If your company spends &pound;10m on qualifying assets, you will deduct &pound;13m from your taxable profits for a tax saving of 19 per cent &ndash; or &pound;2.47m.<\/p>\n<p><strong>Why is it ending?<\/strong><\/p>\n<p>The Government introduced super-deduction in April 2021, but it was only ever intended as a short-term deal. It was part of a raft of support introduced for businesses post-pandemic to support growth and encourage investment.<\/p>\n<p><strong>Can I still take advantage?<\/strong><\/p>\n<p>Time is tight, but you can still make qualifying purchases ahead of the cut-off date.<\/p>\n<p><strong>What purchases would qualify?<\/strong><\/p>\n<p>Most tangible capital assets used in your business would qualify for super-deduction. These include:<\/p>\n<ul>\n<li>Solar panels<\/li>\n<li>Computer equipment and servers<\/li>\n<li>Tractors, lorries, vans<\/li>\n<li>Ladders, drills, cranes<\/li>\n<li>Office chairs and desks<\/li>\n<li>Electric vehicle charge points<\/li>\n<li>Refrigeration units<\/li>\n<li>Compressors<\/li>\n<li>Foundry equipment<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Bob Edwards, Founder and Managing Director of Landmark PD, said: &ldquo;If you haven&rsquo;t already taken advantage of super-deduction then I would encourage you to do so before the deadline.<\/p>\n<p>&ldquo;You may have office equipment that you have been thinking of replacing or you have your eyes on a van you want to add to your fleet&hellip;do it now and save your business some money.&rdquo;<\/p>\n<p>Further information can be found at gov.uk.<\/p>\n<p>If you need any advice on what will qualify for super-deduction, get in touch.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>Businesses are being urged to take advantage of the 130 per cent super-deduction tax relief before its March deadline. Introduced during the pandemic, super-deduction was designed to help organisations continue to invest through the difficult times. But from March 31, the support will draw to a close. What is super-deduction? Super-deduction is a tax incentive [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-4076","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/4076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/comments?post=4076"}],"version-history":[{"count":0,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/4076\/revisions"}],"wp:attachment":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/media?parent=4076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/categories?post=4076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/tags?post=4076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}