Budget 2021

[Steve Bullman]

Looking good so far. The corporation tax increase should be good news for most here I think 👍

[Steve Bullman]

The super deduction looks awesome too

[Steve Bullman]

If I’m understanding that right I could purchase a new truck in 2021 and it would be 130% tax deductible?

[benedmonds]

4 hours ago, Steve Bullman said:

If I’m understanding that right I could purchase a new truck in 2021 and it would be 130% tax deductible?

We will have to see if it counts as "qualifying plant and machinery." 

Super-deduction - GOV.UK

WWW.GOV.UK

---

A new 130% first-year capital allowance for qualifying plant and machinery assets; and a 50% first-year allowance for qualifying special rate assets.

 

[skyhuck]

Yeah I was pretty pleased, I was worried about corporation tax, but the delay plus the profits £50k and under remaining at 19% is an excellent compromise.

[Steve Bullman]

18 minutes ago, skyhuck said:

Yeah I was pretty pleased, I was worried about corporation tax, but the delay plus the profits £50k and under remaining at 19% is an excellent compromise.

Yep same here. I was right ready to purchase a new truck after April if it had gone up....but now with this potential 130% deduction I still will if it counts on trucks

[Steve Bullman]

Bet there’ll be a few machinery orders cancelled this morning