There are under three months left to take advantage of the UK government’s super-deduction tax break on automation machinery. Despite calls from industry leaders for the incentive to be extended, the Chancellor confirmed it will end as planned on March 31 2023, making this your last chance to qualify for the 130% capital allowance deduction.
If you want to reap the rewards of automation technology in the next financial year, then now is the time to put together a budget for it. Automation budgeting may not be as exciting as the technology itself, but it's a necessary business task. It's also an ideal opportunity to demonstrate how automation can reduce your operating costs and improve profitability – and with this in place, your budget is more likely to be approved.
There’s never been a better time to invest in upgrading your machinery. From April 2021 until March 2023, the UK government is offering 130% capital tax allowance deduction on qualifying first-year plant and machinery purchases.
Our partners at Global AGV recently announced that the payback period for some of its automated guided vehicles is less than one year. With such a quick return on investment, would it make more financial sense to replace manpower with an automation system? We think so, and here’s why.