Prime Accountants Group Host Super Tax Deduction Masterclass for Manufacturers

By Prime Accountants Group
schedule14th Jul 21

This week, on Tuesday 13th July, Made in Group hosted a “Made Masterclass” with group Patrons Prime Accountants Group, for members of both the Midlands and Yorkshire.

This masterclass was on “Everything Manufacturers Need to Know About the Super Deduction Tax Break” - something which was announced earlier this year in the Budget 2021.

Prime Accountants Group - who became Patrons of Made in the Midlands towards the end of 2020 - are an independent firm of chartered accountants, forensic accountants, and business and financial advisors.

Pam Jackson of Siddall & Hilton Products Limited also spoke during this event, to offer a manufacturer's experience and perspective on the subject.

Morgan Davies - Director of Prime Accountants Group began the event with a short introduction into the company - before Claire Lea, Prime’s Head of Tax Advisory, gave a presentation to attendees.

Claire emphasised that it could be very important to utilise the benefits of the super deduction for manufacturing companies who are investing in machinery. This is so important as, for every £1 spent, companies will have 24.7p saved on corporation tax.

However, it is vital for companies to familiarise themselves with this concept soon, as there is a limited window in which the super deduction will be available: 1 April 2021 to 31 March 2023.

It was also explained in the presentation that there are certain assets which do not qualify under the super deduction. For example, the major three exclusions are cars (not including charging points), second hand assets and assets provided for leasing. Second hand assets do not qualify for the super deduction, as it is intended to encourage companies to invest in new assets and therefore in turn support the economy.

In terms of disposals, Claire also emphasised that companies need to be very careful with how quickly they get rid of assets that they acquired with the super deduction. To find out more about this, or for further information or advice on the subject, please contact Prime Accountants Group using the enquiry form in the company microsite. Or click here to watch the full event.