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Budget 2021

Just wondered if anyone has had time to fully digest the latest budget and its pros and cons to us gardeners 

 

On the face of it  seems positive if you are looking to purchase new mowers and vans etc plus I think he said a tax break for digital / IT purchases 

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  • PRO

    The budget is giving you an incentive to purchase to purchase machinery and computer equipment with an extra tax reduction. 

    Instead of the normal 100% purchase price being able to set against tax, as from the 1/4/21 it will be 130%.

    That works like this: If you purchase a new mower for £1000, you multiply that by 1.3 = £1300 so you claim tax relief on £1300 instead of £1000.

    So £1300 x 19% (tax rate) = £247. so you get £247 tax relief for spending £1000, so the mower only cost £753.

    So it will be a very good time to buy a new van (only if you need one)

  • It makes it a small window of opportunity for the current tax year. We will all be wanting our new gear between the first of April and the fifth of April for the invoice date to be valid for the 20/21 tax year. I am sure for most of us our machinery suppliers will be accommodating with the date on the invoice, if say we are buying something this month [March].

    It could be argued that as it starts on 1-4-21 then it covers the current tax years and so anything bought in this tax year is fair game, but as it doesn’t start immediately, I would think that what I said in the first paragraph holds true. Unless anyone knows better.

    • PRO

      It will be good if the benefits are passed on right through the supply chain . 

      What shape has the pandemic left the landscaping industry in ? 

      Will landscapers need to access grants as well as taking advantage of tax incentives ?

      • PRO

        We need to get purchase a new stock of equipment which we purchase at the beginning of the year to get a bulk discount, which I was going to do this week, but have now delayed it until after the 1st of April.

    • PRO

      As far as I am aware, it is fro two years starting from the 1/1/2021.

  • PRO

    When is a machine a machine and not a tool? £1000? Capitalization point?

    Is a van a machine? Or would it have to be say, a tipper?

  • Before everyone goes splashing the cash you may want to check out the small print, for starters as I understand it, this tax break only applies to companies who pay Corporation Tax. This obviously rules out many small businesses.

    • Hmm, yet again the devil is hidden the small print!!

      Guess we are not getting this tax break.

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