Can I use the new HMRC Super Deduction Tax on my capital investment in storage products?
Yes you sure can! After all, that’s what it has been created to do… boost your economic confidence and encourage you to invest in your operation!
Be warned though… this does not allow any claim or justification against used or second hand equipment. Often seen as a cheaper alternative to new but there’s many reasons why used is cheaper. Most importantly it is because it is basically inferior in some way shape or form. No harm in being frugal and cost conscious but don’t cut corners when safety or health or tax efficiency is at stake!
It is also important to check with your insurance provider to ensure that any industrial storage structure is adequately covered by your policy. Many insurance companies may question the integrity of the used storage product, most importantly if this has been installed by non professional persons or even the owners themselves!!