NatWest launches online tax calculator for businesses

NatWest has launched a new online tax calculator, which will allow UK businesses to identify and calculate additional tax incentives that may be available following this week's Budget.

The launch follows the announcement of “super-deduction” in the chancellor's budget, which allows companies to claim up to a 130 per cent deduction against profits for any new plant and equipment purchased between 1 April 2021 and 31 March 2023.

The incentive is designed to help stimulate business investment and promote economic growth and recovery from the pandemic.

In addition to super-deduction, the chancellor also retained the £1 million Annual Investment Allowance until 31 March 2023, after it was due to drop back to £200,000 at the end of this year.

Powered by business funding and savings platform Swoop, the bank’s free tax calculator complements its grant finder tool, which was launched in February 2021 to help firms search for grants to mitigate the ongoing impact of the COVID-19 pandemic.

That tool is said to have had more than 15,000 hits, and NatWest continues to provide the service free of charge.

Both tools are available 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 for Lombard Asset Finance at NatWest Group, said: “We’ve worked with Swoop to offer business leaders access to the information they need to understand the tax benefits they may be entitled to when investing in qualifying assets.”

“Working with NatWest Group is an opportunity to reach a huge number of businesses which will benefit from super-deduction, ensuring that the help offered by the government actually reaches those who need it most,” added Andrea Reynolds, chief executive of Swoop.

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