Page 7 - BOSS Today Issue 52
P. 7

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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