Page 7 - BOSS Today Issue 52
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BOSS Today #52
How Super-Deduction Tax Relief
Can Help UK Businesses Get
COVID-19 Ready For Less!
s COVID-19 restrictions begin to deduction will allow companies to cut experts at Garbutt and Elliott
Aease, employers are reviewing their tax bill by up to 25p for every Chartered Accountants to provide
workspaces and conducting risk £1 they invest. Investing companies members with a simple yet accurate
assessments in preparation for will also benefit from a 50% first year representative example of the
bringing their teams back to the allowance for qualifying special rate savings available in a workplace
workplace safely. (including long life) assets. refurbishment.
The Government’s new “Super Hopefully, members can use this
Deduction” announced in the latest What Expenditure Qualifies? information to aid sales of related
budget can give businesses access The good news is that most of the products and services to businesses
to significant savings on workspace products related to a workplace throughout the UK.
refurbishments and fit-outs. refurbishment qualify for the 130% As a reminder, all members have
Visual impression is the focal super-deduction, as long as they are access to the BOSS COVID-19-Secure
point to any business’s corporate new and unused. Road Map, which provides advice and
identity: as well as making your guidance relevant to any business
workplace COVID-19 secure, Who Qualifies? becoming COVID-19 secure.
refurbishing the workplace is a The super-deduction is available It takes you through each step
great opportunity to effect positive to any business within the charge of the journey in a clear and easy
change and improvement in business to Corporation Tax. It is not to follow manner, with additional
perfomance, plus increase staff currently available to sole-traders, elements within each step, including
productivity, staff morale and staff partnerships, nor LLPs. suitable guidance and templates,
retention. along with the recommended actions
How Can Our Industry Make to be taken.
What is a Super Deduction? The Most of This Opportunity?
From 1 April 2021 until 31 March 2023, As with any HMRC scheme, the devil For further details on the
companies investing in qualifying is in the detail. Many businesses are super-deduction scheme, please
new plant and machinery assets unaware that they can make savings click here to see Garbutt and Elliott’s
will benefit from a 130% first-year on their workplace upgrades. super-deduction factsheet.
capital allowance. This upfront super- BOSS have teamed up with tax
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