BUSINESSES can now install a workplace EV charger and offset the tax they pay to do so – as part of a new UK Government initiative to boost capital investment.
The ‘Super Deduction’ allowance is an enhanced 130% first-year allowance for expenditure on plant and machinery, which would usually receive the 18% main rate writing-down allowance.
If you'd like to install a workplace EV Charger as part of a planned capital investment, we can help you do this with minimum fuss or hassle.
Apply online now continue reading for more details about the Super Deduction scheme.
The Super-Deduction benefit has been introduced by the Government to “give companies a strong incentive to make additional investments” in a bid to promote capital expenditure following a slowdown because of the Coronavirus pandemic.
It is hoped that this tax incentive will encourage businesses to bring planned investments forward.
To benefit from the ‘Super Deduction’ on capital allowances, companies MUST complete their unconditional obligation to pay the outstanding balance between 1 April 2021 and 31 March 2023.
If they do, the Treasury says their taxes will be CUT by up to 25p for every £1 they invest.
For a workplace EV Charger which typically costs from £650 (plus VAT) to install, the business will save £162.50p in tax.
Each business is also entitled to claim up to £14,000 in grant funding to install a maximum of 40 charging points (£350 per charger). In terms of tax, this is a further saving of £6,500.
At N&P, we are proud to be the number one installer of EV Chargers in Hull throughout across the Humber region.
We can help you buy and install a workplace EV Charger as part of a planned capital investment. Apply online now or call (01482) 219599 for more details.