There has been some great news for business owners this week, and especially those in industrial and manufacturing sectors, as the 2014 Budget saw the announcement of tax breaks designed to help businesses purchase new equipment. The new rules were at the centre of the government’s financial plans, which are aimed to significantly improve the UK’s declining success in selling goods to the overseas market.
Pallet Trucks UK is one of the manual handling equipment providers that will be leading the way in assisting businesses by providing fantastic machinery and hand-operated equipment, now at more affordable prices than ever thanks to a range of tax cuts and investment allowances from the government.
A twofold increase in the tax-free annual investment allowance will offer a great boost to businesses, bringing the limit to £500,000 and encouraging more of them to invest in good-quality, reliable machinery and equipment to help the growth and sustained efficiency of a business. Businesses will improve their ability to conduct foreign trade, and will be able to serve a broader range of more domestic clients. With emerging economies like Brazil, India and China, the potential for foreign trade is bigger than ever, and the government are giving the British economy the boost it needs to win these valuable overseas contracts.
Phil Chesworth, Managing Director of Pallet Trucks UK, a leading supplier of hand pallet trucks, lift tables, aerial work platforms and other manual handling apparatus, says, "It’s fantastic news that the government has increased this tax-free allowance to encourage investment, especially when it comes to the equipment used across the UK. Now more businesses will be better equipped to handle not only their incoming orders from Britain, but will also be in a prime position to win lucrative foreign contracts in some of the world’s burgeoning economies."
He adds, "The UK is one of the prime destinations for quality engineering, but the potential to offer the world high-end products could not be realised without equally high-end equipment that can cater to any workplaces’ demands."
With the Treasury seeking to double UK exports to £1trillion by 2020, businesses can expect to receive an influx of encouragement from the UK government to utilise these benefits, allowing them a real chance to increase their profits and expand their brand overseas.