By purchasing a Hussh Pod, construction companies can not only reduce their impact on the environment but also benefit from the UK’s super tax deduction.
The 130% tax deduction on qualifying capital expenditure means that businesses can deduct an extra 25 pence from their taxable profits for every pound spent on new equipment. This effectively reduces the cost of the Hussh Pod, making it a highly cost-effective investment for construction companies looking to streamline their operations and boost their bottom line.
In the UK, the government announced a super deduction tax break for businesses as part of its budget in March 2021. The aim of the tax break is to encourage businesses to invest in new equipment and machinery, including battery storage units, which will ultimately help increase economic growth.
The tax break can be used for qualifying investments in new plant and machinery made between the 1st of April 2021 and the 31st of March 2023, so be advised this incentive will end soon. It applies to companies of all sizes and sectors, as long as they are subject to UK corporation tax.
The super deduction tax break is expected to be a significant incentive for businesses to invest in new equipment, as it effectively reduces the cost of the investment. For example, if a business invests £100,000 in new equipment, they can deduct £130,000 from their taxable profits, resulting in a tax saving of up to £24,700, depending on their tax rate.
Overall, it is a temporary measure and it is set to end on 31 March 2023.