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Anyone heard the budget.


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Now if you invest in your business you get 130% off your tax bill not the old 20%.

Time to start buying stuff lads.

Can't believe it.

Corporation tax is going up 5% to 25% in 2023 though so the ltd boys will suffer a bit.

Edited by Dave B
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10 minutes ago, Dave B said:

Now if you invest in your business you get 130% off your tax bill not the old 20%.

Time to start buying stuff lads.

Can't believe it.

Corporation tax is going up 5% to 25% in 2023 though so the ltd boys will suffer a bit.

Oh dear @cleaniac will have to go back to a sole trader 😂😂😂😂😂.

jolly good the new van has just come at the right time then 😂😂😂 I will have to speak to my accountant and see what I should do .

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I heard that but thought I must’ve heard it wrong. 🤣 I’m sure it won’t be that simple but if it is then great! New van every year, lol. 

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29 minutes ago, steve garwood said:

How can that be right, 130% of your tax bill? 🤔🤔🤔🤔🤔👨‍🦰

Apparently encouraging businesses to invest and expand so then we can employ which then alleviates the burden on them for the unemployed etc.

 

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1 minute ago, Dave B said:

Apparently encouraging businesses to invest and expand so then we can employ which then alleviates the burden on them for the unemployed etc.

 

So does  that include employing people ?? Is it some sort of tax relief fir new employees???? 

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2 hours ago, Dave B said:

Corporation tax is going up 5% to 25% in 2023 though so the ltd boys will suffer a bit.

Only for those with profits over £50k. If you're under that you will stay pay 19%, for now.

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2 hours ago, Dave B said:

Corporation tax is going up 5% to 25% in 2023 though so the ltd boys will suffer a bit.

It's only going up to 25% if your profit is above £50K! So I am sure it's not going to effect than many here?

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3 minutes ago, Will Eves said:

It’s for investing in plant and machinery. There is more info on the gov site now. 130% for certain things, 50% for others. 
It’s to do with capitol allowances rather than expenses I think but I’m no expert. 
 

https://www.gov.uk/guidance/super-deduction

 

I knew it was to good to be true! 😂

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Depends as vans etc are assets so would get 130%

1 hour ago, Neil.. Lancashire said:

I knew it was to good to be true! 😂

 

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5 minutes ago, Dave B said:

Depends as vans etc are assets so would get 130%

 

We already get 100% tax deductible on capital allowance so long as it for business only. How does this £130% work. sounds good!!

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20 minutes ago, Neil.. Lancashire said:

We already get 100% tax deductible on capital allowance so long as it for business only. How does this £130% work. sounds good!!

I guess it reduces your HMRC bill by an additional 30% of the purchase price? So spend 10K and reduce your tax liability by 13K? Not sure all details out yet and an accountant will be the person who will know how best to use the new rules once they are out proper. 

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10 minutes ago, HWCS said:

Will this come into effect for our tax returns this April so for year 2020/21?

Usually they apply to next years, 21/22

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1 hour ago, Dave B said:

Depends as vans etc are assets so would get 130%

 

Yes mate, but it's like robbing Peter to pay Paul type thing someone might think I'll get a 10k van on finance to reduce my tax a bit an a newer van but that's still financing to take that they might not have taken on.

We are all different, I'll stick with my 64plate combo 😃 

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10 minutes ago, Part Timer said:

Usually they apply to next years, 21/22

Just looked into it and it starts april 2021 for 2yrs

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