Invest in a new Printer or Photocopier today and make the most of the super deduction tax break!
As part of the 2021 UK budget, the government announced the super deduction tax break to help businesses and promote economic growth. Super deduction means you can claim 130% of what you spend on business equipment against your taxable profits.
Any qualifying investments made between April 1st 2021 and March 31st 2023 will be eligible for the 130% first-year tax relief super deduction from your corporation tax bill.
With corporation tax set to rise to 25% in 2023, this is a great time to invest in new printers and photocopiers for your business and upgrade your print environment.
How does the super deduction tax break work exactly?
Let’s look at an example of how super deduction would work
If your business spends £10,000 on printers or photocopiers, super deduction allows you to deduct 130% of the initial investment from your taxable profits.
- Eligible expenditure: £10,000
- Super Deduction (130%): £13,000
Deducting that £13,000 from your taxable profits can save your business up to 19% (*current corporation tax rate).
So that’s an incredible *£2,470 deducted from your corporation tax bill!
*Always seek advice from a Qualified Accountant in all tax matters
See the HMRC Super Deduction fact sheet for more clarity
Does the super deduction tax break apply to office photocopiers and printers?
Yes, most tangible assets that are purchased new and outright may qualify for the super deduction tax break, some examples include:
- Computers, printers, photocopiers, servers, etc.
- Office equipment, such as desks, chairs, and whiteboards
- Solar panels
- Electric car charging points
- Tractors, forklifts, trucks, and vans
- Tools, ladders, cranes, etc.
Which businesses can use super deduction?
Any business that pays corporation tax and has made qualifying purchases between April 1st 2021 and March 31st 2023 is eligible for super deduction. This means that many SMEs can take advantage of the inventive offered by the government and it’s not just reserved for large corporations.
What does that mean for you?
We’re always looking out for ways to help businesses improve their print environment in the most efficient and cost-effective way possible. And now is the perfect time to invest in new printers and photocopiers if you’re looking to purchase them outright and take advantage of this incredible super-deduction tax incentive.