Considerations when buying a powder coating oven
For businesses operating in sectors like automotive and manufacturing, the prospect of establishing an in-house powder coating facility presents a compelling opportunity.
Earlier this month on 3rd March 2021, the UK tuned into the new Budget where Chancellor of the Exchequer Rishi Sunak laid out our financial roadmap for the year ahead. Of the various support given to buoy capital spend by businesses, the ‘super deduction capital allowances’ stood out.
In the hope of kickstarting investment and business growth post-pandemic, super-deduction will allow companies to claim a 130% first year allowance (FYA) for investments into items of plant and machinery acquired between 1st April 2021 and 31st March 2023.
This article is going to explain what super dedication capital allowances means for you in the context of spray booths and the automotive, industrial, commercial and aerospace industries. Continue reading for more.
So, from 1st April 2021 to 31st March 2023, companies can claim 130% FYA to help with and encourage investment in main rate pool plant and machinery. But what does that specifically mean?
Well, it includes more obvious examples of plant and machinery like manufacturing equipment, machines, computers and the bigger items of machinery that are built into properties. One example, of course, is spray booths along with other paint finishing essentials such as paint mixing rooms and cure ovens. Conveyors and automated paint systems would also be applicable. Not forgetting services, like compressors with air ring mains or dust extraction turbines.
Investing in spray booths and spray booth equipment
With the super reduction capital allowances, you can upgrade your current spraybooth booth setup or, if required, invest in a new booth altogether.
While both the super deduction and FYA are generous as tax and business growth incentives, there are some exclusions that you should keep in mind in case they apply to your business.
If you’ve done even the slightest bit of research into the above and you’re weighing up its benefits for your business, you’ll have come across ‘pools’ that are essentially a way to categorise a business’ government allowance potential.
Here, we’re going to define which pools relate to which goods so that you can make a clearer and more informed decision.
The three types of pools and their qualifying allowance rates are:
We can help advise on the above during the purchase process, so you won’t have to worry about the specifics too much at this stage.
It’s clear that business growth is being prioritised to aid the economic recovery of the UK, and the above allowances should go a long way to help the economy and also drive the expansion of your company.
For more information, please get in touch and we can provide further guidance on the allowances. If you’re looking to purchase spray booth equipment for automotive, industrial, commercial or aerospace purposes, then you will definitely want to take advantage of the super deduction allowances.
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If you have a new project that you would like some help with, call us on +44 1706 363 555 to speak to a member of our team about your requirements. We will take you through our project process step-by-step, whether you are redeveloping an existing site or building a new facility, Junair can help.