22 June 2021

HMRC Super Deduction Tax Allowance

Have you heard about the HMRC Super Deduction tax allowance yet?

Capital allowances let taxpayers write off the cost of certain capital assets against taxable income. They take the place of accounting depreciation, which is not normally tax deductible. Businesses deduct capital allowances when computing their taxable profits.

With a 130% capital allowance under the super-deduction, for every pound a company invests, their corporation taxes are cut by up to 25p for new, qualifying machinery and equipment.

During an exciting time for innovation and R&D, the allowance could give your company the opportunity to propel your plants operational development resulting in more efficient and cost effective processes. Kigtek have years of experiencing upgrading and implementing new technological solutions and would be delighted to support you in your next venture. Follow the link to the Government website for more information and get in touch with us to discuss your next potential upgrade solution.