What is better than purchasing a new business van at a cheaper price?
With only 2 and a half weeks left until the 130% super deduction capital allowance incentive ends, this is a great time to renew your vehicles whether it is a van or a pickup or even some machinery.
All new plant and machinery purchases – including commercial vehicles – will qualify and allow you to offset 130% of the asset value against your taxable profit in the year you invest.
This is a real incentive for you to renew your vehicles and benefit from significant tax savings.
The good news is that there is no limit on purchases, and it applies to hire purchase, loan, and cash transactions.
Here is an example of some Toyota Hilux’s delivered this week and the tax savings made:-
| Total Price | £38,995 + VAT |
|---|---|
| Save the VAT instantly on your next VAT return if you are VAT registered! | £7,799 |
| Claim 100% Capital Allowances in your Accounts Tax Savings @ 19% | £7,409 |
| Super Deduction 30% Uplift Additional Tax Savings @ 19% | £2,222 |
| Total Tax Savings | £17,430 |
We are always here to help you navigate the complex world of commercial finance, so don’t hesitate to reach out if you have any questions or need assistance in taking advantage of the super capital allowance deduction and 130% uplift before the scheme ends. Our team of experts can help you determine if your business is eligible for the deduction, and guide you through the process of claiming it.
In conclusion, the super capital allowance deduction and 130% uplift provide a valuable opportunity for businesses to reduce their tax bill and maximise their tax benefits. With the scheme ending on 31st March, now is the time to act and take advantage of this opportunity. Contact us today to learn more about how we can help.
