Loading and unloading equipment specialist, Thorworld Industries is urging businesses that are considering investing in new machinery and equipment to take advantage of the UK government’s Super Deduction capital allowance scheme before the programme ends in March 2023.
The scheme allows UK companies to claim back 130% of the cost of qualifying purchases against their corporation tax bill. For example, a company spending £10,000 will be able to deduct £13,000 from taxable profits, saving the company up to 19% of that – or £2,470 – on their corporation tax bill.
Implemented as part of the Government’s Covid-19 business support measures, the Super Deduction programme aims to boost internal investment levels in the UK economy by providing support on any equipment purchases that help a business to expand its capacity.
For example, investing in a new loading solution presents an opportunity for logistics and distribution companies to scale their activity, but it can help any business involved in transporting goods to meet the rise of e-commerce and direct-to-buyer sales.
“We’ve already seen several customers reap the benefits of this scheme, in a time where pressures on businesses from increasing costs, the residual effects of Covid-19 and Brexit are at an all-time high,” said John Meale, Managing Director at Thorworld Industries.
“Investment in new equipment is key to growth but when economic pressures are high, it’s very easy to delay spending decisions. That’s why we urge companies to take advantage of the Super Deduction whilst they still can,” he concluded.
Thorworld Industries specialises in the manufacture of materials handling equipment to assist and improve productivity in the handling and control of goods, being loaded/unloaded into and out of vehicles.
More information on the scheme can be found on the government website: https://www.gov.uk/guidance/super-deduction