The new super deduction allowance for capital expenditure announced in the latest Budget is now live.
At the Budget on 3 March 2021 additional capital allowances were announced by way of a new super-deduction (130%) and 50% first year allowances to encourage capital spend by companies over the next two years.
In simple terms, companies can claim a super-deduction by writing off 130% of qualifying expenditure on new assets from 1 April 2021 for two years.
For example, if a company spends £200,000 on a qualifying capital expenditure project, then the company can claim a deduction of £260,000 against taxable profits
Action Commercial Finance has this week arranged a Hire Purchase agreement for a local South Wales based client to support their latest capital expenditure plans.
Can we help your business take advantage of the super deduction allowance?