The new super deduction tax break, announced in the March budget, has made woodworking machinery more affordable than ever. The new incentive, which has been introduced to encourage businesses to invest in “productivity-enhancing” equipment like woodworking machinery and dust extraction systems, has the potential to save you thousands on your company tax bill.
The scheme, which will run from April 2021 to March 2023, will offer a substantial increase in capital allowance. The super-deduction tax will offer a 130% first year capital allowance for qualifying plant and machinery assets and a 50% first-year allowance for qualifying special rate assets – welcome news for companies looking to benefit from the very latest machinery to enter the market.
“The new tax break offers customers looking to purchase a new Striebig vertical panel saw or upgrade their existing machine, significant tax savings,” says Matt Pearce, Managing Director of TM Machinery Sales. “With the added benefit of a favourable exchange rate and super-low finance rates, woodworking machinery has never been more affordable.
“The industry has certainly been fast to react to this news. We’ve already seen a spike in machinery sales enquires since the announcement, specifically from those keen to introduce optimisation software into their manufacturing processes, and we expect demand for new machinery to continue to rise over the next year. This is great news for machinery manufacturers and the woodworking sector as a whole after a challenging 12-months.”
Issued by Catherine Earle, CSJ Public Relations. Tel: 07701 037 351. Email: firstname.lastname@example.org