Futureproof with the new Super Deduction Tax Allowance

New super-deduction makes it the perfect time to invest in futureproofing your business.

The new Super Deduction Tax Allowance introduced by Chancellor Rishi Sunak is probably the single biggest tax incentive any UK government has given for business investment into assets and equipment.

Why is it such an attractive incentive?

From 1 April 21 until the end of March 23, companies can claim 130% capital allowance on qualifying plant and machinery investments. This means businesses can significantly reduce the cost of a Right Size packaging solution. Plus all the savings a Right Size solution already offers in return for the investment.

To make it even more simple; for every pound spent on qualifying machinery and equipment, you will get 25 pence back. Businesses may also benefit from a 50% first-year allowance for qualifying special rate (inc. long life) assets. So, the 130% super-deduction and 50% first-year allowance could reduce your corporation tax bills until 2023.

In Chancellor Rishi Sunak’s own words, “It’s a direct way to help businesses invest” and “drive growth in the economy”

 

Why invest in Right Size Packaging?

Well, besides it being the perfect time to invest in your business, Right Size Packaging can save you money by reducing your overall costs in packaging as you won’t be using as many boxes or need to stock as many styles/sizes. You will also reduce vehicle usage considerably, spending less on petrol as packages will be able to fit in fewer deliveries; it’s a win, win.

If would like to learn more about the benefits of Ribble Right Size Packaging, click here.

It’s definitely a great time to analyse your business and determine the best investments you can make to take advantage of this tax incentive before 2023. If you would like any more information or if you have a question regarding our packaging solutions, please get in touch.