NatWest launches tax calculator for businesses following budget
NatWest has launched a new online tax calculator, which will allow UK businesses to identify and calculate additional tax incentives that may be available via super-deduction or annual investment allowances, to assist them with business investment planning.
The launch follows the announcement of “super-deduction” in the Spring budget which allows companies to claim up to 130% deduction against profits for any new and unused plant and equipment purchased between 1 April 2021 and 31 March 2023, to help stimulate business investment and promote economic growth and recovery from the pandemic.
Yesterday’s Autumn Budget confirmed the retention of the £1m annual investment allowance until 31 March 2023. This was due to drop back to £200,000 at the end of this year meaning the extension provides further help to businesses across the UK to invest and grow.
Powered by Swoop, the bank’s new tax calculator complements the grant finder tool which was launched in February 2021 to help UK businesses search for grants to help them manage the ongoing impacts of the Covid-19 pandemic. The tool has had more than 15,000 hits, and NatWest continues to provide this service free of charge to support businesses to achieve their growth and sustainability ambitions.
Both tools are available free of charge to any business online through the NatWest, Royal Bank of Scotland, Ulster Bank NI and Lombard websites. Upon completion of some simple questions, applicants can either review grants matched to their business, or understand potential tax savings applicable as a result of investment in plant and machinery.
Ian Isaac, managing director, Lombard Asset Finance, NatWest Group said: “The government’s decision to increase tax incentives both by way of extending the £1m Annual Investment Allowance until March 2023 in the recent Budget, and introducing the super-deduction scheme, will help businesses to stimulate business investment and increase productivity. With businesses now looking to build back better, grow, diversify and become more sustainable, it’s essential we continue to provide them with the practical support to help achieve these ambitions.
“We’ve worked with Swoop on the tax calculator tool which offers business leaders access to the information they need to understand the tax benefits they may be entitled to when investing in qualifying assets. This development follows the success of the grant finder tool which has now been made more widely available to help more businesses benefit.”
Andrea Reynolds, CEO of Swoop said: “Swoop was built to help SMEs learn about and access the support they need more easily. Working with NatWest Group is an opportunity to reach a huge number of businesses which will benefit from the ‘super-deduction’, ensuring that the help offered by the government actually reaches those who need it most. I can see how this approach will create win-win situations across the value chain and boost the UK’s economy as we go into 2022.”
NatWest’s grant finder service and tax calculator is now live at www.business.natwest.com