Filed under: R&D tax credits
When it was originally launched, Research and Development (R&D) Tax Relief received a lukewarm reception for being inaccessible to a large majority of companies and organisations. Since then, the rates of the relief have increased considerably and the qualifying criteria have relaxed. Professionals have started to specialise in the qualifying criteria and a series of successful claims for a very wide range of qualifying R&D projects have proved that actually, this is very useful form of company tax relief.
Typically, companies making claims can expect to receive tax relief of around £60,000 and for some companies, it means not having to pay any corporation tax for many years. So why aren’t more companies and organisations considering whether they might be able to benefit? Lesley Stalker, tax partner at RJP and expert in R&D Tax Relief outlines the basics in order to evaluate whether a claim might be successful. (more…)
October 29, 2012
An awful lot of the headlines currently relating to tax involve the avoidance measures being taken by big businesses and celebrities, with their subsidiaries in Luxembourg and use of aggressive schemes based on the Isle of Man. We all dislike the fact that we have to pay tax and our job as tax advisers is to help clients minimise their liabilities.
But there is a fine line to tread here. Paying what we describe as the legal minimum is very different to aggressively avoiding paying your dues. For instance, one of our aims is to help clients identify ways to legitimately take advantage of the many forms of tax relief available, especially for business owners, and there is absolutely nothing amoral in doing this. If anything it’s regarded by the Government as a route to stimulating the economy. (more…)
July 26, 2012
According to Government figures, R&D tax credits provide nearly £1 billion of support to over 6000 UK companies. Over the past year, RJP has helped many clients to reduce their corporation tax bills – some to almost nothing – by taking advantage of the Government’s R&D tax credits scheme. This is a generous relief and allows over 200% of the money invested in qualifying R&D activities to be offset against corporation tax. (more…)
April 27, 2012
Recent experience working with a selection of different clients has shown that Research and Development (R&D) tax credits are proving very valuable as a source of tax relief. Over the past few years, R&D tax credits seem to have earned a reputation for being difficult to qualify for, with a misconception that your line of business needs to include white coats and laboratories.
Taxtalk’s experience as Surrey tax accountants is to the contrary and a wide range of IT and technology companies are reaping the rewards. Applications for projects that are new and innovative, which cut operational time, help to achieve a competitive advantage, or even involve translating software into another language, are being approved successfully. (more…)
January 30, 2012
In our recent experience working with a selection of different clients, Research and Development (R&D) tax credits are proving very valuable as a source of tax relief. Over the past few years, R&D tax credits seem to have earned a reputation for being difficult to qualify for, with a misconception that it is essential for your line of business to include white coats and laboratories.
Our experience as Surrey accountants is to the contrary though and a wide range of IT and technology companies are reaping the rewards. Applications for projects that are new and innovative, which cut operational time, help to achieve a competitive advantage, or even involve translating software into another language, are being approved successfully. In some cases the savings are mounting into hundreds of thousands. (more…)
December 20, 2011
Although the recent Budget didn’t include any obvious giveaways for small businesses, improvements to the R&D tax credit system could be a real boon for entrepreneurs and SMEs.
Continue May 12, 2011
