Think you’ve still got time to take advantage of the super deduction tax break? Think again. With lengthy lead times on many new machines caused by unprecedented demand, ongoing supply chain issues and labour shortages, many businesses that are yet to order new equipment run the risk of missing out on the tax-saving scheme, which is set to run until March 2023.
12-month lead times are becoming the norm on many standard machinery orders - which surpasses the scheme’s March cut-off date – but for Leicester-based machinery supplier, TM Machinery, lead times are considerably shorter. In fact, customers can benefit from a lead time of just eight to 12 weeks on most Striebig vertical panel saws and just 16 weeks on larger or specialist models that are built to order. This gives customers more opportunity to take advantage of a 130% capital allowance on qualifying plant and machinery investments and a further 50% first-year allowance for qualifying special rate assets.
Matt Pearce, Managing Director of TM Machinery says: “The industry has taken full advantage of this tax-saving scheme and it’s been great for business but many manufacturers are struggling to keep up with demand. Our supply of Striebig vertical panel saws and ALKO dust extraction units didn’t slow during the pandemic, so we have been able to continue to offer short and reliable lead times on all our machinery portfolio. This, plus our ability to hold stock machines in Leicester, will give those still looking to take advantage of the Super-Deduction Capital allowance tax break a great opportunity to do so before it is too late.”
To find out more about the Super-Deduction capital allowance tax break and how TM Machinery can help, call 0116 271 7155.