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We quickly identified how they would be eligible to benefit from tax relief and developed an application to ensure they could make a sizeable claim. This proposal was accepted by HMRC and the company opted to receive tax credits as a cash lump sum rather than offset losses against future corporation tax liabilities.

The company used its large cash injection to help expand planned R&D work and bring new products to market more quickly. Their original development timeframe of three years for launching a new product was accelerated by one year. In doing this, they were able to achieve their goal of profitability in a faster timeframe.

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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.