“ There are many business owners who don ’ t consider R & D tax relief because they believe it ’ s only suitable for research based businesses ” |
Looking to the future of business , this government has shown a commitment to innovation through research and development .
It was recently announced that up to 2.4 per cent of GDP would go into this over the next ten years . Part of this investment will be R & D tax relief or , as it ’ s sometimes called , tax credit .
Many businesses can apply for this tax relief although awareness of that fact is poor . However it ’ s very important to take advice around it says Martin Gurney , tax partner at Haines Watts Chartered Accountants in Swindon . Why ? “ Firstly to ensure that the available relief is maximised and secondly to ensure that only allowable expenditure is claimed .
“ It is also important not to fall foul of rules that state that receiving grant funding which qualifies as “ notifiable state aid ” will potentially result in the reduction in ( as well as the clawing back of previously received ) R & D tax relief .
“ There are many business owners who don ’ t consider R & D tax relief because they believe it ’ s only suitable for research based
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businesses – in other words it ’ s only suitable for businesses where staff wear lab coats !
“ That ’ s simply not the case . For example , we have a client that designs , builds and installs ramping systems for disabled access , together with other related products
“ They didn ’ t think R & D tax relief could possibly apply to their business – however we suggested that there was potentially relief available and arranged a meeting with our specialist R & D Team .
“ The key is that any activity which “ seeks to attain appreciable improvement to products , services or processes ” can qualify . In any sector .
“ We worked with the client and our R & D Team to identify the activity and related expenditure that would qualify for the relief . Over the past few years claims have been submitted annually and rebates received which have been re-invested to continue development .
“ We have invested recently in a series of animated videos on this subject , in order to help get the message out to UK business owners that are missing out on this valuable relief . You can find it on our website , Facebook and LinkedIn feeds ”
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01793 533838
To find out more contact Martin Gurney at Haines Watts Swindon on the number above , or email msgurney @ hwca . com
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For more info : www . haineswatts-swindon . co . uk |