Energy Bills are rising – What can you do about it

October 13, 2021

Energy Bills are rising – What can you do about it

The last 18 months have been tough for many businesses as a result of the COVID-19 crisis. With energy pricing increasing by 30% in 2022, its increasingly beneficial to implement a sustainable and renewables strategy.

An increasing number of companies are investing in safeguarding and future proofing their premises, to prevent such crisis’ as Lebanon.  Lebanon suffered a total power outage over the weekend, leaving its population of 6 million without centrally generated electricity for 24 hours.

Recently, Rishi Sunak, Secretary of the Treasury, presented plans to cut tax bills for corporations by offering a 'Super Deduction'. From April 2021, companies can claim up to 130% of their Capital Allowances back from the Government, for qualifying investments. The list includes both Solar PV panels as well as EV Charge Points.

Workplace Charging Scheme

The Workplace Charging Scheme is essentially a grant of up to £350, per socket, that eligible businesses can claim to reduce the cost of their electric vehicle charging points. It is a voucher-based system which makes it slightly more complex than its residential counterpart. The voucher is limited to 75% of purchase and installation costs, up to a maximum of £350 for each socket and up to a maximum of 20 across all sites.

Find out more about WCS on the UK government’s OZEV website: https://www.gov.uk/government/publications/workplace-charging-scheme-guidance-for-applicants-installers-and-manufacturers

Super Deduction

From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim:

·       130% super-deduction capital allowance on qualifying plant and machinery investments

·       50% first-year allowance for qualifying special rate assets

The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest, ensuring the UK capital allowances regime is amongst the world’s most competitive.

The government has offered unprecedented support for businesses during Covid. Even so, pandemic-related economic shocks and the accompanying uncertainty have chilled business investment. This super-deduction will encourage firms to invest in productivity-enhancing plant and machinery assets that will help them grow, and to make those investments now.

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