In April 2021 during the battles of Covid, the UK Government released a tax relief scheme to encourage businesses to invest in ‘productivity-enhancing’ plant and machinery assets. The scheme was introduced for businesses to spend now, on assets such as electric vehicle charge points that will help them grow for a successful future. Qualifying businesses are able to claim the following:
- 130% super-deduction capital allowance on qualifying plant and machinery investments (including electric vehicle charge points)
- A 50% first-year allowance for qualifying special rate assets
The scheme is only available until 31th March 2023.
Super-Deduction in a Nutshell:
We have gathered some key points to give you a better idea of the requirements and information about the scheme:
- Enables businesses to deduct up to 130% of the cost of assets from their taxable profits
- Allows deductions of up to 25p off tax bills for every £1 UK businesses spent on qualifying plant and machinery
- Available to companies of all sizes (as long as they pay corporation tax and the assets they are investing in are eligible)
- Does not apply to individuals, sole traders or partnerships
- ENDS 31st March 2023
Want to find out more?
With the end date being just a month away (scary, I know), we have researched everything there is to know about the scheme so we can provide you with valuable information and advice.
Rather than bore you with it all now, we’d rather understand your business’s needs. We can help answer any of your questions or concerns relating to EV charging from planning and design, to installing and operating.
So what are you waiting for? Contact us today to arrange a site visit.
In the meantime, here’s a link to the official scheme details: Super_deduction_factsheet.pdf (publishing.service.gov.uk)
E: enquiries@evsolutions.co.uk
T: 0800 975 5800