What is the super-deduction?
Businesses will be rewarded for investing in new assets through a ‘super-deduction’ off their tax bill. The government have done this to encourage businesses to invest now to help stimulate growth and recovery following the last few years of economic disruption.
How IT software and hardware purchases are covered
In most cases, spend on IT equipment, software and implementation services will be eligible, covering the vast majority of our products and services.✔️ All OrderWise software is covered under HMRC guidance, including our online store and trade portal.
✔️ Physical IT equipment, including servers, computers, handheld devices and EPOS terminals are all recognised as plant and machinery by the HMRC, and this also qualifies them for the super-deduction criteria.
✔️ In addition, initial implementation costs for OrderWise, such as project implementation fees as well as custom integrations and developments, can also be included under the guidance.
The expenditure must be incurred between 1 April 2021 and 31 March 2023.
Although not all business investments will qualify for the new allowances, the qualifying groups are quite wide. The super deduction includes all new plant machinery, including integral features in a building and long-life asset.
The super deduction gives relief at 130% of the qualifying cost compared to the usual 18% writing down allowance for investment in main pool plant and machinery assets.
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