From 1 April 2021 until 31 March 2023, the UK government is offering companies investing in qualifying new plant and machinery assets the opportunity to claim:
- a 130% super-deduction capital allowance on qualifying plant and machinery investments.
- a 50% first-year allowance for qualifying special rate assets.
With this, Simply aims to support SMEs in the UK that have been impacted by the pandemic. This measure is designed to stimulate business investment. It does so by increasing the incentive to invest in plant and machinery by offering higher rates of relief than were previously available.
Mike Randall, Simply CEO said: “Over the last 12 months we have witnessed the resilience and innovative spirit of the UK SMEs to weather this storm. SMEs are the lifeblood of the UK economy. We are proud that we have been able to help by providing funding to them through CBILS. As the scheme comes to an end, this new government initiative now allows another way for us to support British SMEs.
We are here for UK business come rain or shine and look forward to the bright future of our country”.