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Super-Deduction Tax Relief on Office Furniture: How and Why?
Businesses are slowly making the move back to the office, and the UK government is working to make this shift appealing following an extended period of furlough and home working. A new 'super-deduction' tax relief has been devised in an effort to encourage businesses to invest in growth and development, as well as making offices a more comfortable place to be.
Whether your business is in planning for growth or undertaking refurbishment, this is a great way to future-proof your workplace and select high-quality, durable items that will provide added benefit to your workforce in both the short and long term.
Polycopy Tax Relief BlogPost
What is the super-deduction on office furniture?
The new super-deduction tax relief was introduced in the UK in April 2021, with savings set to continue until at least 31st March 2023. This ensures all companies currently eligible for Corporation Tax – all businesses which are in profit – will be able to claim 130% tax relief when buying new office furniture and equipment.
This is sure to come at the ideal time for many office-based businesses, as more than a year of enhanced remote working and upheaval could leave office spaces in need of a refresh. Both practically and aesthetically, investing in new furniture and office equipment is a wonderful way to make the most of this saving while also adding some extra appeal to your workplace.
How does it work?
Introduced as part of the 2021 Budget, this temporary change gives companies an opportunity to self-invest. When your company spends £1000 on office furniture, it pays no corporation tax on the sum of £1300. With corporation tax set at 19%, you can therefore achieve an impressive saving of £247 for each £1000 you spend on refurbishing and refreshing your office spaces.
Why buy new office furniture?
After such a long time working remotely, investing in new office furniture could be a great way to motivate and inspire your workforce. It's also a wonderful way to make sure you adhere to the latest Covid-19 guidelines, using smart solutions and design choices to update existing office layouts, or even develop entirely new spaces for working.
Polycopy is the go-to expert in office design and the supply of quality yet affordable office furniture. With so many incentives to buy, there's never been a better time to transform your office space into something truly extraordinary. Designs are focused on fostering a sense of wellbeing and collaboration, ideal for inspiring your staff and reinvigorating your office.
Call one of the team on 01509 610077 or drop us a line at firstname.lastname@example.org to find out how you can take advantage of this great incentive!
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