Tax Planning Services

R&D Tax Credits for SMEs

Is your business incorporated, with a liability for UK corporation tax?
Has your business been involved in the creation of new products, processes or services?
If so, you could qualify for significant relief or credits.

What costs are claimable?

Payroll, software, materials, utilities and subcontracting costs.

What are they worth?

Every £1,000 of costs attributable to R&D attracts an enhancement of 230%.

For example, £100,000 of costs enhanced by £130,000 = £26,000 credit or relief, assuming corporation tax is at 20%. Losses can be surrendered at 14.5% yielding a credit of £18,850 given above the costs.

For what periods can I claim?

You have two years from the year end in which the costs have been made to make a claim.

E.g. Year end 31/12: 12/13 and 13/14 expenditure must be claimed before 31/12/15.

Who can claim?

R&D can apply to any business in any sector, it is more likely to be found in manufacturing, engineering, software development, biotech or pharmaceuticals but successful claims have also been made in construction, transport, agriculture and countless others.

Even HMRC believe that there are thousands of qualifying businesses unaware of their entitlement.

Please contact our team today. We can refer you to our specialists, who will be happy to carry out a no-obligation initial assessment.

Whilst we are general practitioners, with a broad knowledge of most areas of business and tax, we are not afraid to bring in specialised consultants when more in-depth expert advice is necessary.

This gives you the confidence that you will always be given the best advice no matter how complex the situation.

Capital Allowances

Do you own commercial property?
Have you made any improvements to the property?
Did you know that you can claim valuable tax allowances on this expenditure?

What could the claim be worth?

Depending on the usage claims of up to 50% of the purchase or building work could be made.

Are there any time restrictions on claims?

For qualifying expenditure prior to April 2012 no restrictions apply, some restrictions may apply post April 2012, please call for advice.

Warning If you are about to buy or sell commercial property please advise us immediately as failure to do so could cost you £££s.