Sewtec upgrades service included in UK super-deduction tax break1 April 2021
The UK Government has announced a tax ‘super-deduction’ for companies looking to invest in new machinery, however this new legislation also includes investment in refurbishing existing equipment.
From 1 April 2021 until 31 March 2023, companies can claim new capital allowances on qualifying plant and machinery investments. Under this super-deduction, companies can reduce their tax bill by up to 25p for every pound that is invested. This means that companies investing in plant and machinery assets can deduct 130% of the machinery cost from their taxable income.
The scheme includes both new machinery and investment in upgrading existing equipment, meaning manufacturers can take advantage of the modernisation and upgrades capabilities of our specialist teams.
Our engineers can assess all types of automation equipment and offer a free consultation service, even if Sewtec was not the original manufacturer. Our upgrades and modernisation capabilities are designed to meet your new requirements, utilising the latest Industry 4.0 technology to future-proof your machinery.
To benefit from the new tax reduction, companies will have two years to invest with the temporary rates expiring on 31 March 2023. Check out the Precision article by our finance director, Lizzie Hay, for everything you need to know about the new legislation and how it can benefit your business.