Cleanzine: your weekly cleaning and hygiene industry newsletter 18th April 2024 Issue no. 1110
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Last chance for waste equipment savings as 'super tax deduction' deadline approaches
The deadline for a 'super tax relief' on waste management equipment is approaching but businesses still have time to act, says Phs Wastekit, a leading supplier of balers and compactors.
The super-deduction that allows companies to claim 130% capital allowances on qualifying plant and machinery ends on 31st March 2023.
The two-year initiative aimed to encourage UK businesses to invest in equipment that improves production and waste management, as well as reducing costs and their impact on the environment post-Covid.
"Expenditure incurred after 31st March will not qualify for the tax relief, so businesses need to really move fast to take advantage of this opportunity," warns Jason Smith, managing director of Phs Wastekit. "If you can bring projects forward or can agree work (with written proof) before this date, you can make huge savings. If you are thinking of making an investment in waste management equipment, there will never be a better time."
Phs Wastekit has been working with one of the UK's leading independent builders' merchants to increase its recycling efforts using this tax relief.
Builder Depot made a commitment to recycle all of its waste cardboard and plastic film and invested in high quality baling machines from Phs Wastekit using the temporary Government initiative.
Says David Bird, depot manager at Staples Corner Builder Depot: "We have been recycling our cardboard and plastic film waste for a number of years but, as part of our environmental strategy, we wanted to continue our efforts in a more cost-effective way by making a long-term investment in our own machines. The Government tax relief scheme offered us the ideal opportunity.
"We wanted the best quality machines with the most up-to-date technology so that they would retain their value, give us a long lifespan and greater energy efficiencies.”
Builder Depot purchased 10 balers from Phs Wastekit for its depots in Staples Corner, Park Royal, West Hampstead and New Southgate, which is the largest merchants’ site in London with over 1million metres of timber.
"Staff are using the new machines a lot more and we are really pleased to see recycling levels rising across the sites, meaning lower costs for us as well as a reduced environmental impact,” adds David. Phs Wastekit offered an excellent service and aftersales support to ensure we made the most of our investment too."
Jason Smith adds: "Builder Depot has taken a proactive, positive approach to recycling and its environmental impact. They are leading the way in their industry and region.
"The Government tax relief only has a short window left, so we hope to see more savvy businesses take advantage of the savings to invest in waste management equipment which, in turn, can save them thousands of pounds and a lot of resources."
Balers, which compact recycled waste such as cardboard or plastic into bales, not only allow businesses to reduce the storage space needed for their waste and the number of waste collections needed, but they can also offer additional revenue streams as the bales can be sold to recycling companies for reuse or resale.
Compactors reduce the volume of waste produced by a business, saving it money on the collection and processing of its waste. Many businesses can save up to 90% of their waste costs by compacting their non-recyclable waste.
Phs Wastekit offers a whole service solution to help organisations reduce the cost of their waste. As well as supplying high quality baler and compactor machines, it offers servicing, maintenance and training services right across the UK, as well as partnerships with recycling companies to support customers.
Find out more about the temporary tax relief at:
9th March 2023