Cleanzine: your weekly cleaning and hygiene industry newsletter 11th April 2024 Issue no. 1109
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New 'super' tax relief being missed by many warns phs Wastekit
Businesses in are being urged not to miss out on a new temporary tax relief initiative by the UK Government, which allows them to claim back 130% of the cost of waste equipment such as balers and compactors.
The new capital allowance for new plant equipment and machinery runs from 1st April 2021 to 31st March 2023 offering the 'super deduction', compared to the usual 18%, to businesses paying corporation tax. The initiative aims to encourage UK businesses to invest in equipment that improves production and waste management, as well as reducing costs and their impact on the environment.
"Many businesses aren't aware of this super deduction, which is already available to them,” warns Jason Smith, managing director of phs Wastekit, which is one of the UK's leading suppliers of balers and compactors. “Understandably, lots of companies are currently concentrating on recovery, business development and meeting government guidelines, so it's easy to miss. It is a fantastic, one-off opportunity to gain significant tax relief on equipment that can save huge amounts of money and even generate a new revenue stream for them."
Using a compactor reduces the volume of waste produced by a business, saving it money on the collection and processing of its waste. Many businesses can save up to 90% of their waste costs by compacting their non-recyclable waste.
Balers, which compact recycled waste such as cardboard or plastic into small, medium or large bales, not only allow businesses to reduce the storage space needed for their waste, but they can also offer additional revenue streams as the bales can be sold to recycling companies for reuse or resale.
"With everything that has happened over the last year, businesses need to be focusing on ways to save money and thrive,” adds Jason. “Our team can provide advice on the new tax relief and what kind of equipment would be suitable so businesses can take full advantage of the initiative.
"Phs Wastekit offers a free Waste Saving Audit to businesses who would like to know how much money they could save without any costs or obligation. We also offer a free trial of our equipment, so customers can see the benefits first-hand before they buy. Couple those with the new capital allowance and it is a risk-free investment that could save businesses thousands of pounds every year."
Phs Wastekit offers a whole service solution to help organisations reduce the cost of their waste by up to 90%. As well as supplying high quality baler and compactor machines, the company offers servicing, maintenance and waste removal services right across the UK, as well as partnerships with recycling companies to support customers.
Find out more about the temporary tax relief at:
10th June 2021