Simply, a UK small business lender, is now offering companies investing in new plant and machinery assets the opportunity to claim a 130% super-deduction capital allowance.
Currently in effect until 31 March 2023, companies can also claim a 50% first-year allowance for qualifying special rate assets.
According to Mike Randall (pictured above), chief executive officer at Simply, this measure is designed to stimulate business investment by offering higher rates of relief than were previously available.
Randall said: “Over the last 12 months we have witnessed the resilience and innovative spirit of the UK SMEs to weather this storm. SMEs are the lifeblood of the UK economy. We are proud that we have been able to help by providing funding to them through CBILS. As the scheme comes to an end, this new government initiative now allows another way for us to support British SMEs.”
Alongside this news, Simply has announced that it is celebrating their fourth anniversary since their official launch in 2017.
The company reported that it had supported more than 5,000 small businesses (SMEs) and currently employs more than 100 people.
Randall continued: “We are very proud as a business that set out to enhance our customers journey by using today’s technology and the best people in the industry. This is a big milestone for our business, and we look forward to helping many more UK SMEs in the future.”