Do you, or your employees, need a new chair or desk at work? Did you know there is now help available from the Government to buy these essential office items?
Tax changes are rarely good news but this year’s budget saw Chancellor Rishi Sunak announce plans to encourage spending by introducing a super-deduction, providing great benefits and savings for companies on qualifying plant and machinery investments – and this includes office desks and chairs.
How does it work?
It means limited companies can claim 130% super-deduction capital allowance on office furniture bought between April 1st this year and March 31st 2023 – effectively reducing their tax bill by 24.7% of the amount they have invested in furniture and other qualifying assets.
The bottom line is, it’s a big incentive for firms looking to improve their office environment and getting staff back into the workplace after more than a year of Covid. It means now is a good time to buy those office desks and chairs or maybe invest in that office refurbishment you’ve been thinking about – but remember, the scheme will only run for two years!
The initiative is aimed at encouraging businesses to spend again to boost the economy which has been badly hit during the pandemic and it is hoped the new rules will be worth between £25bn and £30bn in new investment over the timescale of the scheme.
Great opportunity for businesses
It may sound a little complicated but it’s well worth looking into and provides a marvellous opportunity for businesses. For more information, the official Government Treasury factsheet has all the details and is available to view by accessing https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/967202/Super_deduction_factsheet.pdf
Chrisbeon is keen to support anything which will help kickstart the economy after the most challenging of times and believe this new scheme will be a great incentive in encouraging firms to invest in the future.
Complete range of office furniture, equipment and products
We offer a complete range of office equipment and stationery products and can provide everything you need from one desk or new chair right up to planning and providing your full office refurbishment – and now is the best time to act!
For more information about how we can help you with your office requirements, call our team on 01952 292606.