UK Businesses Use AI to Survive COVID — With the Help of Government Tax ReliefBen Church
Two out of every five businesses in the UK plan to invest in artificial intelligence to adapt and make it through the COVID-19 pandemic, according to just-released research. And a recent tax change will make that easier to do financially.
“It is vital that we support businesses through the difficult months ahead,” says UK Financial Secretary to the Treasury Jesse Norman.
Before we get into exactly how the government plans to do that, let’s examine how the pandemic is affecting the UK.
“Through added pressure from the new COVID-19 variant, new AI technology will play a significant role towards helping the economy return to normal”.
A New Variant and a Grim Milestone
The death toll in Britain just passed 100,000, and the UK has the third-highest death rate per population in the world, just behind Belgium and Slovenia.
As in every country, there are multiple theories as to why that is, but the COVID-19 variant poses a significant new challenge.
First detected in the UK in September, the new variant spreads 30 to 70 percent faster than the old variant and maybe as much as 30 percent deadlier.
The goal now is to vaccinate the population as quickly as possible so that lockdowns can be lifted, allowing the country to get back to everyday life and work.
And many businesses are preparing for that day by embracing artificial intelligence to make sure they’re ready to go — and to operate as efficiently and safely as possible.
Embracing AI Technology
Battling COVID-19 is the challenge of our generation — and it’s even harder without the many advantages technology has to offer. For example …
A business can hire someone to manually check each employee’s temperature before they get to work.
A store can place an employee at its front door to use a handheld tally counter to keep the customer count at an acceptable level.
A human resources manager can perform contact tracing by launching a flurry of emails and phone calls to try to find everyone who may have come into contact with an infected employee.
A receptionist can be charged with the duty of making sure everyone who walks in the building is wearing a mask.
One simple device can perform all of the above.
The Turing COVID-19 Workplace Solution
Powered by artificial intelligence, the Turing COVID-19 Workplace Solution offers the best technology available to help keep the virus out of a business or organization.
It does so by integrating five functions into one system, including:
- A 30-second health questionnaire based on the latest science and research
- Non-contact temperature checks
- Mask detection
- Quick and efficient contact tracing
- People/occupancy counting
Using the COVID-19 Workplace Solution allows businesses and entities to reopen and stay open as safely as possible while also protecting them from pandemic-related lawsuits and claims of an unsafe working environment.
Although the system is priced competitively, especially considering all of the functions it performs, it’s also true that businesses are strained.
And that’s where the recent UK tax law changes come into play.
Details on the Tax Deduction
While this might not feel like a great time to make a capital investment, UK government officials recognize that doing so is vitally important to the economy and the health of individual businesses.
To that end, the government recently extended a £1 million tax break designed to stimulate investment and support business confidence. Specifically, businesses can continue to claim up to £1 million in same-year tax relief through the Annual Investment Allowance for capital investments in plant and machinery assets until Jan. 1, 2022.
Originally set to expire Jan. 1, 2021, the tax break can be applied to the Turing COVID-19 Workplace Solution under the Claims Capital Allowance Fixtures section.
In the face of this pandemic, we have two choices — to wither away or to move boldly forward with technology that will be transformative long after this pandemic has passed.
As UK Financial Secretary Norman says:
“Extending the Annual Investment Allowance’s £1 million caps will give businesses the confidence they need to invest into next year, helping them to grow whilst benefiting the wider economy too.”
Using Artificial Intelligence to Adapt and Grow
Staying the same isn’t a growth strategy, especially given how rapidly our world is changing.
Let’s take a look at a few more insights and statistics from the new research we referenced at the start of this post.
- Almost a third of businesses in the UK are launching an artificial intelligence solution for the first time over the coming year, due to the impact of the coronavirus.
- Nearly half of all businesses in the UK are planning to engage with third parties to help with artificial intelligence.
- Some 61 percent of businesses in the UK feel that embracing artificial intelligence will give them a sustainable competitive advantage in the long term.
“Government tax relief gives businesses the opportunity to invest in COVID-19 AI technology (ex: Turing Video’s Workplace Solution). Providing businesses with the ability to reopen with confidence!”
Moving Forward with Confidence
COVID-19 is a virus that requires vigilance and action to defeat.
Already, the COVID-19 Workplace Solution is being used to complete more than 140,000 scans a day at more than 1,000 businesses and organizations around the world, including Albertsons, Coca-Cola, Mattel, Salesforce, and many, many more.
Although it’s based on advanced technology, the system is extremely simple to use. Here’s a quick video on how effortlessly it all works.
If you’d like to learn more about how the Turing COVID-19 Workplace Solution can help protect both your employees and the future of your business, contact us at email@example.com or by calling 866.339.4268. We’re eager to answer any questions you may have — or provide additional information about how Turing’s technology is being used in your industry specifically.
More and more businesses are embracing artificial intelligence every day — both to defeat COVID-19 and to get ahead in the post-pandemic world.
We’d love to show you how Turing technology can help you and your business not just survive but flourish.
Disclaimer: Turing Video does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide — and should not be relied on for — tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.