New measures announced in budget to save corporation tax when you buy your new van or pick-up!
From 1 April until 31 March 2023, businesses ploughing cash into 'qualifying' new plant and machinery will be able to claim something called the 'super deduction' on their tax bill. In short, the super deduction will enable companies to cut their tax bill by up to 25p for every £1 they invest.
So, on a £35,000 truck this could mean over £8k!
The in-depth specifics of this new measure are not yet known; however, the Treasury have introduced this scheme in order to encourage firms to invest in productivity-enhancing plant and machinery assets that will help them grow, and importantly, to make those investments now. Learn more here.
SEEKER UK will be following this announcement closely to see how these measures could help you to save corporation tax when you buy your new van or pick-up.