Finance

Hurco Europe Ltd is able to offer a variety of hire purchase or leasing schemes through preferred 3rd party finance providers. Including a delay of 3 months to the start of the finance payments, meaning you can start earning money before the payments start to go out.

Super-deduction ended on 31st March 2023, but the good news is that with Full Expensing, 100% first year capital allowance is available. This means that you can still make the same BIG tax savings by investing in new CNC Technology. Total savings remain the same as prior to 31st March 2023 taking into account the new 25% rate of Corporation Tax.

Example 1

Cost of new machine(s): £250,000 + VAT

Spending £250,000 on qualifying investments will mean the company can deduct £250,000 (100% of the initial investment) in computing its taxable profits.

Deducting £250,000 from taxable profits will save the company up to 25% of that – or £62,500 – on its corporation tax bill.

Example 2

Cost of new machine(s): £100,000 + VAT

Spending £100,000 on qualifying investments will mean the company can deduct £100,000 (100% of the initial investment) in computing its taxable profits.

Deducting £100,000 from taxable profits will save the company up to 25% of that – or £25,000 – on its corporation tax bill.

Example 3

Cost of new machine(s): £60,000 + VAT

Spending £60,000 on qualifying investments will mean the company can deduct £60,000 (100% of the initial investment) in computing its taxable profits.

Deducting £60,000 from taxable profits will save the company up to 25% of that – or £15,000 – on its corporation tax bill.

There are substantial tax savings to be gained for machines is delivered after 31st March 2023

General:

Only tax paying businesses (i.e., those that are making a taxable profit) can claim capital allowances.
Can be utilised by limited companies only.
No expenditure limit
Full expensing allowances apply only to new machinery purchases, i.e. used machinery purchases are excluded.

For more information, here is the link to the Government guidance Spring Budget Factsheet https://www.gov.uk/government/publications/spring-budget-2023-factsheet-cutting-simplifying-tax-for-businesses-to-invest-and-grow/spring-budget-2023-media-factsheet-cutting-simplifying-tax-for-businesses-to-invest-and-grow