New 130% capital allowance applies to phs Wastekit machinery

New 130% capital allowance applies to phs Wastekit balers and compactors

A new tax relief initiative from UK government will allow phs Wastekit customers, a tax relief super-deduction that will provide a capital allowance of 130% on new plant and machinery investments, in comparison to the usual 18%.

Between 1 April 2021 to 31 March 2023, a tax relief super-deduction will provide a capital allowance of 130% on new plant and machinery investments, in comparison to the usual 18%. It is on offer to businesses that pay corporation tax and only applies when a baler or compactor is bought outright.

What is capital allowance?

Capital allowance is a tax relief you can claim on assets purchased for your business. It mainly applies to larger capital purchases, such as essential machinery.

Under the new guidance from UK Government, balers and compactors from phs Wastekit are eligible for the 130% capital allowance that relates to plant and machinery.

Why are UK Government offering this tax relief?

The economy has suffered during the coronavirus pandemic. The tax relief on plant and machinery is designed to help stimulate businesses by increasing the incentive for them to invest in new machinery. In turn, this new machinery will help businesses streamline operations and allow them to focus on growth.

How do I purchase a phs Wastekit machine and claim tax relief?

To make the most of the new capital allowance, we recommend speaking directly to a member of the phs Wastekit customer service team. They will be able to discuss the tax relief with you, how it applies to your business, and advise on what baler and compactors would be suitable for your business.

Free virtual or in-person waste saving audit

To help you make an informed decision on what baler or compactor to invest in, the experts at phs Wastekit offer a free, no-obligation, waste saving audit.

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