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Claim 130% Tax Relief on Any New Commercial Electric Vehicle!
As you may be aware, the Government have temporarily introduced increased reliefs for expenditure on plant and machinery.
For qualifying expenditures incurred from 1 April 2021 up to and including 31 March 2023, companies can claim in the period of investment:
- a super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowance
- a first year allowance if 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances
Example:
- Spend £100,000 on qualifying assets
- Deduct £130,000 (130% of the initial investment) using the 'super-deduction' in year 1
- Total tax saving £24,700
As you may be aware, the Government have temporarily introduced increased reliefs for expenditure on plant and machinery.
For qualifying expenditures incurred from 1 April 2021 up to and including 31 March 2023, companies can claim in the period of investment:
- a super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowance
- a first year allowance if 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances
Example:
- Spend £100,000 on qualifying assets
- Deduct £130,000 (130% of the initial investment) using the 'super-deduction' in year 1
- Total tax saving £24,700
