Until 31 March 2023, companies investing in qualifying new plant and machinery assets, including industrial freezers, could be eligible to claim enhanced tax relief on capital expenditure thereby reducing their taxable profits for the period.
The new temporary Capital Allowances’ relief offers:
- A 130% super-deduction capital allowance on qualifying plant and machinery investments
- A 50% first-year allowance for qualifying special rate assets
This means that now is the perfect time to invest in new freezing and chilling machinery. Doing so will allow you to benefit from the super-deduction and supercharge the efficiency of your machinery assets for future growth.
The super-deduction is a government incentive scheme to support businesses post-pandemic, and it allows companies to cut their tax bill by up to 25p for every £1 they invest, making the UK capital allowances’ regime among the world’s most competitive.
It’s a fantastic opportunity for businesses to make the most of a tax incentive AND upgrade their machinery to help grow their business and prepare for the future.
Investing in new technology can be a big decision but the benefits of cutting-edge technology can provide a platform for genuine and sustainable growth for food manufacturers.
As a spiral cooling systems specialist, Korutek’s new systems qualify for the super-deduction. If you’re interested in finding out more about how our machinery can help your business to grow in the post-pandemic landscape, get in touch with us today.
