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March 15, 2021

Super Deduction Tax Relief

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What does super-deduction tax relief mean for optical practices?    
Recently announced in the latest spring budget 2021 from Rishi Sunak.    
What is it? From 1 April 2021 until 31 March 2023, limited companies investing in qualifying new equipment will be able to claim a 130% super-deduction capital allowance on qualifying plant and machinery investments.   The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest. As the current corporation tax rate is 19% (19p in the pound) then this 25p relief is actually a 131.5% benefit.    
This is excellent news for optical practices wishing to invest in equipment, shopfit and technology.    
Key Point Summary: Effective from 1st April 2021 – 31st March 2023. Relevant for all Ltd Companies. Not sole traders, partnerships or LLPs at present. 130% Super-deduction capital allowance on qualifying plant and machinery. investments.  As the current corporation tax rate is 19% (19p in the pound) then this 25p relief is actually a 131.5% benefit. Small to medium practices need to be aware of VAT de Minimis and funding via a lease as traditional leasing is not eligible for the super deduction. The good news is though that we can offer a Long Funding Lease (85 month term) which preserves the VAT de Minimis limit and allows the customer to claim the Annual Investment Allowance such as the super-deduction tax allowance. If a practice breaks VAT de Minimis, then a we can arrange a Hire Purchase facility which would spread the cost and allow them to claim the super-deduction.    
Find out more by reading our latest blog post:        
We also have a super-deduction calculator available for your utilisation, CLICK HERE 
Contact your dedicated account manager below.       Susan Marshall  Account Manager Tel: 07973 793 659   EMAIL Susan     Pete George Account Manager Tel: 07515 580 208   EMAIL Pete       Fresh Thinking – Fresh Funding           Rated 4.9 out of 5     Contact us: 01536 52 96 96 Performance Finance Ltd is fully authorised and regulated by the Financial Conduct Authority under registration number: FRN 689894 Our company registration number is: 4725729.   VAT REG No. 846 6197 88  
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