UNPRECEDENTED TIMES CALLED FOR UNPRECEDENTED MEASURES
As a fourth-generation family owned and managed company, JJ Smith leading supplier of construction machinery, take a long-term view. Here Managing Director Martin Smith shares his perspective on the March 2021 budget.
We were particularly pleased with the budget’s focus on new machinery investment. Beginning April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. Under the 'super-deduction' firms will be able to cut their taxes by up to 25p for every pound they invest. If a company were to invest £50,000 in new machinery, they would reduce their taxable income by £65,000. This provides a fantastic opportunity for UK businesses to invest in new machinery that will enable them to be more productive, innovative or efficient while simultaneously reducing their corporation tax liabilities.
As a leading supplier of automated equipment solutions for the offsite sector through our subsidiary company Modular Building Automation, we welcome the increased focus on this contemporary construction method and the investment in the budget as a key driver for jobs and prosperity. Being the only offsite construction machinery supplier in the UK, we are well placed to assist businesses large and small looking to innovate in this sector.
JJ Smith are a family business based in Knowsley who strongly believe in the benefit of apprenticeships and are proud to provide employment and training opportunities to local people.
The announcement of the plan for additional £126 million for 40,000 more traineeships in England is good news for young people. This will fund high quality work placements and training for 16-24 year olds in 2021/22 academic year. As well as this there is an extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000. We currently employ five apprentices and endeavour to hire two new apprentices every year, so welcome the incentives for companies like ours to continue to offer opportunities to young
