How The Super-Deduction Can Help You

Earlier this month, the Chancellor of the Exchequer, Rishi Suank, announced a super deduction tax break that will allow businesses to take advantage of a 130% capital allowance on qualifying plant and machinery investments and a further 50% first-year allowance for qualifying special rate assets. So what does this mean for Weinig UK customers?

Put simply, for every pound you spend between April 2021 and March 2023, your tax bill can be cut by 25%. Not all assists quality for the super-deduction but, Weinig’s complete machinery portfolio is included – great news for those keen to invest in the very latest equipment from one of the world’s leading woodworking machinery manufacturers.

The tax break, which has been brought in to support businesses and encourage investment in productivity-enhancing equipment, will make the UK capital allowance value the highest in the OECD, raising the UK from thirtieth to first in the league table, and as a result, making the UK extremely competitive internationally. This, teamed with the favourable exchange rate and record-low interest rates, means there has never been a better time for forward-thinking companies looking to invest and grow to take advantage of the scheme.

Malcolm Cuthbertson, Managing Director of Michael Weinig (UK) Ltd says, “The super-deduction tax break offers huge potential for both furniture manufacturers and machinery manufactures alike. We’re already experiencing a surge in enquires from people looking to benefit from the new allowance and invest in new, state-of-the-art machinery. It really is a double bonus for our customers. Not only will you pay less tax on your investment, you will also get your hands on the latest equipment, too. This is a really positive step and has the potential to stimulate significant growth in the industry over the next 12 months.” 

For more information or to find out how much you could save visit www.weinig.co.uk or call 01235 557600.