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TAX SPECIALIST
R&D Tax Credits are designed to reward companies for their efforts in innovation to develop new or improve existing products, processes and systems. Capital Allowances and R&D Allowances enable companies to claim back tax relief on capital expenditure, such as property acquisition, plant and machinery, refurbishments, alterations andextensions.
ABOUT US - INNOVATION TAX Ian is an award-winning innovator and engineering specialist (BSc in Electronics & Computing) who has provided technical, project and innovation leadership, acclaimed by and delivering £multi-million benefits for a number of companies, including Rolls Royce plc, he is also a member of Chartered Institute of Internal Auditors (IIA), Institute of Measurement and Control (IMC), Institution of HMRC R&D TAX CREDIT STATISTICS 2020 R&D Tax Credits form a key part of Government strategy to boost innovation and is a highly rewarding scheme which allows UK companies to reduce their Corporation Tax liability and/or receive a cash injection from HMRC. It is one of the main incentives provided by Government to encourage R&D spending, leading to greater investment in Continue reading "HMRC R&D Tax Credit Statistics 2020" WHICH R&D SCHEME AM I ENTITLED TO CLAIM Well, quite a lot as it happens. Under the SME guidelines, every £1 of compliant expenditure attracts up to 33p in tax credits; switching to RDEC reduces this to around 10p. Additionally, certain types of expenditure which qualify under the SME scheme are prohibited under RDEC, and the process by which the benefit is delivered by the two ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? There is no doubt the HMRC Tax Credit Scheme is helping to keep the UK at the forefront of technological innovation. Innovation Tax have the right team to ensure your company’s R&D claim is both MAXIMISED and ROBUST. Take a look at the profiles of our senior team WHICH CONSTRUCTION ACTIVITIES QUALIFY FOR R&D TAX CREDITS Examples of the types of activity which are likely to qualify for R&D Tax Credits within the construction sector include; Creating, trialling and experimenting with new/different materials. Developing and implementing building management systems for maintenance and energy control. Optimising designs and processes to reduce time andraw material
WHAT TYPE OF 'CONSUMABLE ITEMS' QUALIFY FOR R&D TAX RELIEF? In order to qualify as a consumable for R&D purposes, the item: Must have carried an intrinsic ‘value’ during the claim period (whether as an item of stock carried forward from the previous year or at the point of purchase ); Must have been used within an activity (‘project’) deemed to be compliant R&D. Must carry ‘nil’ valueat the
PATENT BOX CLAIM
The specialist IP team at Innovation Tax will work with you to assess your entitlement and claim the tax relief on your behalf by; Identifying qualifying Patent Box product (s) and/or process patent (s) Mapping sales by qualifying / non-qualifying IP and advise on thepotential to
CAN I CLAIM R&D TAX CREDITS FOR GRANT-FUNDED PROJECTS In order to maximise your innovation funding, it’s highly beneficial to get expert advice beforehand as structuring this correctly can make a significant difference. And as grants invariably precede innovative work (whereas R&D Tax Credits come later), the earlier you do this, the better. Call Innovation Tax on 0203 813 4600 or email to info WHAT DO HMRC MEAN BY THE TERM 'COMPETENT PROFESSIONAL What do HMRC mean by the term ‘Competent Professional’? In overview terms, HMRC define compliant R&D for tax purposes as; ‘the seeking of an advancement in science or technology by overcoming scientific or technological uncertainty which is neither publicly available nor readily deducible by a competent professional working in the field’. The term ‘competent professional’ is notTAX SPECIALIST
R&D Tax Credits are designed to reward companies for their efforts in innovation to develop new or improve existing products, processes and systems. Capital Allowances and R&D Allowances enable companies to claim back tax relief on capital expenditure, such as property acquisition, plant and machinery, refurbishments, alterations andextensions.
ABOUT US - INNOVATION TAX Ian is an award-winning innovator and engineering specialist (BSc in Electronics & Computing) who has provided technical, project and innovation leadership, acclaimed by and delivering £multi-million benefits for a number of companies, including Rolls Royce plc, he is also a member of Chartered Institute of Internal Auditors (IIA), Institute of Measurement and Control (IMC), Institution of HMRC R&D TAX CREDIT STATISTICS 2020 R&D Tax Credits form a key part of Government strategy to boost innovation and is a highly rewarding scheme which allows UK companies to reduce their Corporation Tax liability and/or receive a cash injection from HMRC. It is one of the main incentives provided by Government to encourage R&D spending, leading to greater investment in Continue reading "HMRC R&D Tax Credit Statistics 2020" WHICH R&D SCHEME AM I ENTITLED TO CLAIM Well, quite a lot as it happens. Under the SME guidelines, every £1 of compliant expenditure attracts up to 33p in tax credits; switching to RDEC reduces this to around 10p. Additionally, certain types of expenditure which qualify under the SME scheme are prohibited under RDEC, and the process by which the benefit is delivered by the two ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? There is no doubt the HMRC Tax Credit Scheme is helping to keep the UK at the forefront of technological innovation. Innovation Tax have the right team to ensure your company’s R&D claim is both MAXIMISED and ROBUST. Take a look at the profiles of our senior team WHICH CONSTRUCTION ACTIVITIES QUALIFY FOR R&D TAX CREDITS Examples of the types of activity which are likely to qualify for R&D Tax Credits within the construction sector include; Creating, trialling and experimenting with new/different materials. Developing and implementing building management systems for maintenance and energy control. Optimising designs and processes to reduce time andraw material
WHAT TYPE OF 'CONSUMABLE ITEMS' QUALIFY FOR R&D TAX RELIEF? In order to qualify as a consumable for R&D purposes, the item: Must have carried an intrinsic ‘value’ during the claim period (whether as an item of stock carried forward from the previous year or at the point of purchase ); Must have been used within an activity (‘project’) deemed to be compliant R&D. Must carry ‘nil’ valueat the
PATENT BOX CLAIM
The specialist IP team at Innovation Tax will work with you to assess your entitlement and claim the tax relief on your behalf by; Identifying qualifying Patent Box product (s) and/or process patent (s) Mapping sales by qualifying / non-qualifying IP and advise on thepotential to
CAN I CLAIM R&D TAX CREDITS FOR GRANT-FUNDED PROJECTS In order to maximise your innovation funding, it’s highly beneficial to get expert advice beforehand as structuring this correctly can make a significant difference. And as grants invariably precede innovative work (whereas R&D Tax Credits come later), the earlier you do this, the better. Call Innovation Tax on 0203 813 4600 or email to info WHAT DO HMRC MEAN BY THE TERM 'COMPETENT PROFESSIONAL What do HMRC mean by the term ‘Competent Professional’? In overview terms, HMRC define compliant R&D for tax purposes as; ‘the seeking of an advancement in science or technology by overcoming scientific or technological uncertainty which is neither publicly available nor readily deducible by a competent professional working in the field’. The term ‘competent professional’ is not ABOUT US - INNOVATION TAX Ian is an award-winning innovator and engineering specialist (BSc in Electronics & Computing) who has provided technical, project and innovation leadership, acclaimed by and delivering £multi-million benefits for a number of companies, including Rolls Royce plc, he is also a member of Chartered Institute of Internal Auditors (IIA), Institute of Measurement and Control (IMC), Institution of INNOVATION TAX INCENTIVES AND GRANT FUNDING Innovation Tax incentives are a great initiative for rewarding innovation and, for those looking to grow their businesses, a timely cash injection is always very welcome. There are many funding schemes which businesses can take advantage, as outlined below: TAX INCENTIVES R&D Tax Credits In 2000, the Government introduced a scheme to encourage scientific Continue reading "Innovation Tax DO I QUALIFY? R&D TAX CLAIM To satisfy the eligibility requirements for R&D Tax Credits, you must: Be a UK Limited company, and liable to pay Corporation Tax; Have traded for at least 12 months; Have carried out qualifying research and development activities; Have incurred expenditure on those projects; and. Have borne the financial risk in the event of projectfailure.
WHICH R&D SCHEME AM I ENTITLED TO CLAIM Well, quite a lot as it happens. Under the SME guidelines, every £1 of compliant expenditure attracts up to 33p in tax credits; switching to RDEC reduces this to around 10p. Additionally, certain types of expenditure which qualify under the SME scheme are prohibited under RDEC, and the process by which the benefit is delivered by the twoR&D TAX CLAIM
Facts and Figures. We have successfully uplifted 7 in 10 claims which we have been asked to review, with a 100% success rate. Your ‘uplifted’ claim is reviewed by our experienced technical and taxation professionals, each of whom have a minimum 8 years’ experience of R&D Tax Credits. We offer a very cost-effective contingent fee which CAPITAL ALLOWANCES SERVICES Capital Allowances recognise expenditure incurred in the purchase of commercial properties and other assets as a tax allowable expense (unlike ‘depreciation’), reducing taxable profits and the associated tax liability; furthermore, claiming Capital Allowances does not increase future capital gains tax liability if the property is subsequently sold. BECOME A INNOVATION TAX TEAM MEMBER AIM. To take responsibility for liaison with external partners in regard to the submitting of innovation tax claims to HMRC. LOCATION. This is an office-based role in our Hatfield premises, although there will be opportunities to work from home on occasion or to be in attendance at client sites as part of our consulting team. WORKING IN PARTNERSHIP The aim of our Working in Partnership programme is to offer a service to our Partners in order to develop and enhance client relationships and generate added-value. We provide a value-added service to work with you, offering your clients / members free advice and informative information on innovation tax incentives such as R&D Tax CreditsCAPITAL ALLOWANCES
Capital Allowances – Structures and Building Allowance (SBA’s) Structures and Building Allowance (SBA) was introduced in the 2018 Autumn Budget to provide a straight-line relief on eligible construction costs incurred for new non-residential structures and buildings. The objective of this relief is part of a long-termcommitment to
WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D Whilst there are no formal guidelines as to the type of records required when claiming R&D Tax Credits, there is an expectation from HMRC that claimants will maintain records such that they provide adequate evidence to support the costs being reclaimed. The completeness of such records increases in larger companies, as well asin smaller ones
TAX SPECIALIST
We understand the importance of a streamlined methodology when it comes to undertaking innovation incentive claims. We not only use our technical knowledge and industry experience to better understand your business and identify the maximum potential benefit available to you, but also our well-established relationship with HMRC and our experience of tax legislation to ensure claims are fully WHICH R&D SCHEME AM I ENTITLED TO CLAIM OK, but what difference does it all make? Well, quite a lot as it happens. Under the SME guidelines, every £1 of compliant expenditure attracts up to 33p in tax credits; switching to HMRC R&D TAX CREDIT STATISTICS 2020 R&D Tax Credits form a key part of Government strategy to boost innovation and is a highly rewarding scheme which allows UK companies to reduce their Corporation Tax liability and/or receive a cash injection from HMRC. It is one of the main incentives provided by Government to encourage R&D spending, leading to greater investment in Continue reading "HMRC R&D Tax Credit Statistics 2020" WHICH CONSTRUCTION ACTIVITIES QUALIFY FOR R&D TAX CREDITS With over 325,000 registered firms operating within the sector, the construction industry generates around £120bn, or 6% of GDP, to the UK economy according to House of Commons Briefing Paper – Dec 2019) and many of these companies regularly engage in R&D to resolve complex challenges in their day-to-day operations.Although the industry itself plays a big part in driving the economy forward ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? Offices. 24/25 The Shard, 32 London Bridge St, London, SE1 9SG; 3 Port Hill, Hertford, Hertfordshire, SG14 1PJ; Pegasus House, 17 Burleys Way, Leicester, LE1 3BH WHAT TYPE OF 'CONSUMABLE ITEMS' QUALIFY FOR R&D TAX RELIEF? In order to qualify as a consumable for R&D purposes, the item: Must have carried an intrinsic ‘value’ during the claim period (whether as an item of stock carried forward from the previous year orPATENT BOX CLAIM
The Patent Box Tax Relief Scheme aims to create a competitive tax environment for companies to develop and exploit patents. Contact us for Patent Box Claim today. CAN I CLAIM R&D TAX CREDITS FOR GRANT-FUNDED PROJECTS There are two R&D Tax Credit schemes available, the Small and Medium Enterprise (SME) scheme and the Research and Development Expenditure Credit (RDEC) scheme, and the eligibility to claim under one or the other depends upon a number of factors, the most common being the ‘size’ of your company – or the group of which it forms a part – in terms of headcount, turnover and gross asset value. WHAT DO HMRC MEAN BY THE TERM 'COMPETENT PROFESSIONAL What do HMRC mean by the term ‘Competent Professional’? In overview terms, HMRC define compliant R&D for tax purposes as; ‘the seeking of an advancement in science or technology by overcoming scientific or technological uncertainty which is neither publicly available nor readily deducible by a competent professional working in the field’. The term ‘competent professional’ is not WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D Sound record-keeping practices are all very well in an ideal world but, at Innovation Tax, we understand that busy SME’s have more than enough to deal with day-to-day and that this particular aspect of the business often suffers as a consequence.TAX SPECIALIST
We understand the importance of a streamlined methodology when it comes to undertaking innovation incentive claims. We not only use our technical knowledge and industry experience to better understand your business and identify the maximum potential benefit available to you, but also our well-established relationship with HMRC and our experience of tax legislation to ensure claims are fully WHICH R&D SCHEME AM I ENTITLED TO CLAIM OK, but what difference does it all make? Well, quite a lot as it happens. Under the SME guidelines, every £1 of compliant expenditure attracts up to 33p in tax credits; switching to HMRC R&D TAX CREDIT STATISTICS 2020 R&D Tax Credits form a key part of Government strategy to boost innovation and is a highly rewarding scheme which allows UK companies to reduce their Corporation Tax liability and/or receive a cash injection from HMRC. It is one of the main incentives provided by Government to encourage R&D spending, leading to greater investment in Continue reading "HMRC R&D Tax Credit Statistics 2020" WHICH CONSTRUCTION ACTIVITIES QUALIFY FOR R&D TAX CREDITS With over 325,000 registered firms operating within the sector, the construction industry generates around £120bn, or 6% of GDP, to the UK economy according to House of Commons Briefing Paper – Dec 2019) and many of these companies regularly engage in R&D to resolve complex challenges in their day-to-day operations.Although the industry itself plays a big part in driving the economy forward ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? Offices. 24/25 The Shard, 32 London Bridge St, London, SE1 9SG; 3 Port Hill, Hertford, Hertfordshire, SG14 1PJ; Pegasus House, 17 Burleys Way, Leicester, LE1 3BH WHAT TYPE OF 'CONSUMABLE ITEMS' QUALIFY FOR R&D TAX RELIEF? In order to qualify as a consumable for R&D purposes, the item: Must have carried an intrinsic ‘value’ during the claim period (whether as an item of stock carried forward from the previous year orPATENT BOX CLAIM
The Patent Box Tax Relief Scheme aims to create a competitive tax environment for companies to develop and exploit patents. Contact us for Patent Box Claim today. CAN I CLAIM R&D TAX CREDITS FOR GRANT-FUNDED PROJECTS There are two R&D Tax Credit schemes available, the Small and Medium Enterprise (SME) scheme and the Research and Development Expenditure Credit (RDEC) scheme, and the eligibility to claim under one or the other depends upon a number of factors, the most common being the ‘size’ of your company – or the group of which it forms a part – in terms of headcount, turnover and gross asset value. WHAT DO HMRC MEAN BY THE TERM 'COMPETENT PROFESSIONAL What do HMRC mean by the term ‘Competent Professional’? In overview terms, HMRC define compliant R&D for tax purposes as; ‘the seeking of an advancement in science or technology by overcoming scientific or technological uncertainty which is neither publicly available nor readily deducible by a competent professional working in the field’. The term ‘competent professional’ is not WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D Sound record-keeping practices are all very well in an ideal world but, at Innovation Tax, we understand that busy SME’s have more than enough to deal with day-to-day and that this particular aspect of the business often suffers as a consequence. ABOUT US - INNOVATION TAX Ian is an award-winning innovator and engineering specialist (BSc in Electronics & Computing) who has provided technical, project and innovation leadership, acclaimed by and delivering £multi-million benefits for a number of companies, including Rolls Royce plc, he is also a member of Chartered Institute of Internal Auditors (IIA), Institute of Measurement and Control (IMC), Institution ofACCOUNTANTS
At Innovation Tax, professional relationships are the core of our business and we work as the preferred supplier to many accountancy practices for R&D Tax Credits, Patent Box & Capital Allowances services in order to develop and enhance client relationships and generate added-value. Our client’s own accountants are their most important advisers and, by partnering Continue reading INNOVATION TAX INCENTIVES AND GRANT FUNDING Innovation Tax incentives are a great initiative for rewarding innovation and, for those looking to grow their businesses, a timely cash injection is always very welcome. There are many funding schemes which businesses can take advantage, as outlined below: TAX INCENTIVES R&D Tax Credits In 2000, the Government introduced a scheme to encourage scientific Continue reading "Innovation TaxSPRING BUDGET 2021
The Chancellor of the Exchequer, Rishi Sunak unveiled the contents of the 2021 Budget on Wednesday 3rd March, with its primary aim to set out the Government’s tax and spending plan for the year ahead. Here is a summary of the main points: Corporation Tax In 2023, Corporation Tax rates will increase to 25% for companies Continue reading "SpringBudget 2021"
CAPITAL ALLOWANCES SERVICES Capital Allowances recognise expenditure incurred in the purchase of commercial properties and other assets as a tax allowable expense (unlike ‘depreciation’), reducing taxable profits and the associated tax liability; furthermore, claiming Capital Allowances does not increase future capital gains tax liability if the property is subsequently sold. BECOME A INNOVATION TAX TEAM MEMBER AIM. To take responsibility for liaison with external partners in regard to the submitting of innovation tax claims to HMRC. LOCATION. This is an office-based role in our Hatfield premises, although there will be opportunities to work from home on occasion or to be in attendance at client sites as part of our consulting team.PATENT BOX CLAIM
The Patent Box Tax Relief Scheme aims to create a competitive tax environment for companies to develop and exploit patents. Contact us for Patent Box Claim today.R&D TAX CLAIM
We have a drive and desire to do the very best we can for all our clients, but we recognise that intent alone is seldom enough. Therefore, in order to support our conscientious and enthusiastic approach, we do all we can to ensure that everyone who represents Innovation Tax – from Sales all the way through to Operations – is kept fully up-to-speed with the current legislation, thus WHAT TYPE OF 'CONSUMABLE ITEMS' QUALIFY FOR R&D TAX RELIEF? In order to qualify as a consumable for R&D purposes, the item: Must have carried an intrinsic ‘value’ during the claim period (whether as an item of stock carried forward from the previous year or ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? Offices. 24/25 The Shard, 32 London Bridge St, London, SE1 9SG; 3 Port Hill, Hertford, Hertfordshire, SG14 1PJ; Pegasus House, 17 Burleys Way, Leicester, LE1 3BH* Already Claiming?
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INNOVATION TAX – R&D TAX CREDIT EXPERTS Helping businesses access the full potential of Government funding* Patent Box
* Capital Allowances* R&D Tax Credits
Claim Calculator Do I Qualify?Innovation Tax
Experienced industrial and tax specialists We understand the importance of a streamlined methodology when it comes to undertaking innovation incentive claims. We not only use our technical knowledge and industry experience to better understand your business and identify the maximum potential benefit available to you, but also our well-established relationship with HMRC and our experience of tax legislation to ensure claims are fully auditable and compliant to the highest quality standard. Innovation Tax specialise in helping companies access vital funding and tax incentives to enable their businesses to grow, increase profitability, reduce risk and enable further investment in R&D and capital investments. * R&D Tax Credits are designed to reward companies for their efforts in innovation to develop new or improve existing products, processesand systems.
* Capital Allowances and R&D Allowances enable companies to claim back tax relief on capital expenditure, such as property acquisition, plant and machinery, refurbishments, alterations and extensions. * Patent Box is a Government initiative launched to promote investment in intellectual property by enabling companies to pay a reduced Corporation Tax rate of 10% on profits derived from patented products and/or processes. Innovation Tax employs highly skilled and experienced specialists to ensure all claims are robust, fully maximised and completed in a timely manner, without any disruption to our clients day-to-day business activities.Learn More
HOW INNOVATION TAX INCENTIVES HELP YOUR BUSINESS TO THRIVE*
1__
Introduction
We meet (or call) you to discuss your business, the qualifying criteria and how they might impact on one another.*
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Prequalification
We conduct a thorough assessment to ensure your activities comply with the legislative requirements*
3__
Information
Gathering
We work closely with your key personnel to gather technical information regarding the compliant project(s) and the source financial data to support the expenditure incurred, which together forms the basis of your claim*
4__
Report compilation
& review
We draft your claim report and forward you a copy for review to provide reassurance that the content is a true representation of your entitlement to claim.*
5__
QA and Submission
Once you’re happy with the draft report, we conduct a internal Quality Assurance check to ensure all legislative requirements are satisfied. You’ll then receive a copy of the final report, whilst we liaise directly with your accountant to make the formal submission toHMRC.
Learn More
Our Services
At Innovation Tax, we specialise in R&D Tax Credits, Capital Allowances and Patent Box claims and are here to help businesses identify and boost their innovation incentives.Contact Us
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R&D TAX CREDITS
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PATENT BOX
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CAPITAL ALLOWANCES
Case Studies
Previous
BENEFIT: £29,000
SECTOR: FOOD & DRINK PROFILE: £1.5m turnover & 31 employees APPROACH: Despite the client initially believing they carried out little, if any, quali...BENEFIT: £84,000
SECTOR: PACKAGING
PROFILE: £6.2m turnover & 55 employees APPROACH: Having previously being approached directly by another service provider, this...BENEFIT: £41,000
SECTOR: MANUFACTURING > PROFILE: £4.4m turnover & 47 employees APPROACH: This company operated from premises next door to an ex...BENEFIT: £26,000
SECTOR: ENGINEERING
PROFILE: £700k turnover & 14 employees APPROACH: A family-owned business who were previously unaware of the R&D Tax Credi...BENEFIT: £67,000
SECTOR: SOFTWARE
PROFILE: £470k turnover & 6 employees APPROACH: Our client was aware of R&D Tax Relief and knew they qualified but, due to...BENEFIT: £29,000
SECTOR: FOOD & DRINK PROFILE: £1.5m turnover & 31 employees APPROACH: Despite the client initially believing they carried out little, if any, quali...BENEFIT: £84,000
SECTOR: PACKAGING
PROFILE: £6.2m turnover & 55 employees APPROACH: Having previously being approached directly by another service provider, this...BENEFIT: £41,000
SECTOR: MANUFACTURING > PROFILE: £4.4m turnover & 47 employees APPROACH: This company operated from premises next door to an ex...BENEFIT: £26,000
SECTOR: ENGINEERING
PROFILE: £700k turnover & 14 employees APPROACH: A family-owned business who were previously unaware of the R&D Tax Credi...BENEFIT: £67,000
SECTOR: SOFTWARE
PROFILE: £470k turnover & 6 employees APPROACH: Our client was aware of R&D Tax Relief and knew they qualified but, due to...BENEFIT: £29,000
SECTOR: FOOD & DRINK PROFILE: £1.5m turnover & 31 employees APPROACH: Despite the client initially believing they carried out little, if any, quali...BENEFIT: £84,000
SECTOR: PACKAGING
PROFILE: £6.2m turnover & 55 employees APPROACH: Having previously being approached directly by another service provider, this...Next
Latest Innovation Tax InsightsPrevious
WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D TAX RELIEF? Sound record-keeping practices are all very well in an ideal world but, at Innovation Tax, we understand that busy SME’s have more than enough to deal with day-to-day and that this particular aspect of the business often suffers as a consequence. HMRC R&D TAX CREDIT STATISTICS 2019 NEED QUICK PROFESSIONAL HELP IN CLAIMING CAPITAL ALLOWANCES TAXRELIEF?
LEARN MORE ABOUT PATENT BOX RELIEF WHAT TYPE OF ‘CONSUMABLE ITEMS’ QUALIFY FOR R&D TAX RELIEF? The term ‘consumable items’ covers items consumed or transformed whilst undertaking compliant R&D activity, including raw materials, software licenses and utilities of any kind. WHAT REIMBURSED EXPENSES QUALIFY FOR R&D TAX RELIEF? Did you know that HMRC recently relaxed the rules regarding the recovery of expenses incurred by staff in the course of undertakingcompliant activity?
YOUR IDEAL ‘PARTNER OF CHOICE’ FOR INNOVATION TAX INCENTIVES At Innovation Tax, professional relationships are the core of our business. We work with a number of Accountancy Practices as their preferred suppliers for R&D Tax Credits, Patent Box & Capital Allowances services. ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? R&D Tax Relief is not simply an opportunity for UK businesses to get funding; it’s an entitlement for any innovative UK business satisfying the definition of R&D for tax purposes. WHICH R&D SCHEME AM I ENTITLED TO CLAIM UNDER? Not so much a ‘catch. just a few questions that need answering. Firstly, was headcount throughout each claim period above 500? If so, you’ll qualify under RDEC legislation but below this limit, you’ll usually qualify under the more-generous SME scheme. CAPITAL ALLOWANCES – STRUCTURES AND BUILDING ALLOWANCE (SBA’S) Structures and Building Allowance (SBA) was introduced in the 2018 Autumn Budget to provide a straight-line relief on eligible construction costs incurred for new non-residential structures andbuildings.
WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D TAX RELIEF? Sound record-keeping practices are all very well in an ideal world but, at Innovation Tax, we understand that busy SME’s have more than enough to deal with day-to-day and that this particular aspect of the business often suffers as a consequence. HMRC R&D TAX CREDIT STATISTICS 2019 NEED QUICK PROFESSIONAL HELP IN CLAIMING CAPITAL ALLOWANCES TAXRELIEF?
LEARN MORE ABOUT PATENT BOX RELIEF WHAT TYPE OF ‘CONSUMABLE ITEMS’ QUALIFY FOR R&D TAX RELIEF? The term ‘consumable items’ covers items consumed or transformed whilst undertaking compliant R&D activity, including raw materials, software licenses and utilities of any kind. WHAT REIMBURSED EXPENSES QUALIFY FOR R&D TAX RELIEF? Did you know that HMRC recently relaxed the rules regarding the recovery of expenses incurred by staff in the course of undertakingcompliant activity?
YOUR IDEAL ‘PARTNER OF CHOICE’ FOR INNOVATION TAX INCENTIVES At Innovation Tax, professional relationships are the core of our business. We work with a number of Accountancy Practices as their preferred suppliers for R&D Tax Credits, Patent Box & Capital Allowances services. ARE YOU OPTIMISING YOUR R&D TAX CREDIT CLAIM? R&D Tax Relief is not simply an opportunity for UK businesses to get funding; it’s an entitlement for any innovative UK business satisfying the definition of R&D for tax purposes. WHICH R&D SCHEME AM I ENTITLED TO CLAIM UNDER? Not so much a ‘catch. just a few questions that need answering. Firstly, was headcount throughout each claim period above 500? If so, you’ll qualify under RDEC legislation but below this limit, you’ll usually qualify under the more-generous SME scheme. CAPITAL ALLOWANCES – STRUCTURES AND BUILDING ALLOWANCE (SBA’S) Structures and Building Allowance (SBA) was introduced in the 2018 Autumn Budget to provide a straight-line relief on eligible construction costs incurred for new non-residential structures andbuildings.
WHAT ARE THE RECORD-KEEPING REQUIREMENTS FOR CLAIMING R&D TAX RELIEF? Sound record-keeping practices are all very well in an ideal world but, at Innovation Tax, we understand that busy SME’s have more than enough to deal with day-to-day and that this particular aspect of the business often suffers as a consequence. HMRC R&D TAX CREDIT STATISTICS 2019 NEED QUICK PROFESSIONAL HELP IN CLAIMING CAPITAL ALLOWANCES TAXRELIEF?
LEARN MORE ABOUT PATENT BOX RELIEFNext
Previous
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“Innovation Tax were able to help us identify our compliant R&D activity and produce a robust report detailing this and the expenditure incurred, all within little...Head of Finance
Equipment Manufacturer*
“Innovation Tax worked effortlessly with my accountant and were transparent and clear in all communications to get us a vital cash injection to fuel the future innovat...Managing Director
Fabrication Specialist*
“The attention to detail was fantastic and, with just a single meeting, Innovation Tax were able to identify and capture all the technical and financial data required,... Competent Professional Agricultural Chemical manufacturer*
“Innovation Tax were able to help us identify our compliant R&D activity and produce a robust report detailing this and the expenditure incurred, all within little...Head of Finance
Equipment Manufacturer*
“Innovation Tax worked effortlessly with my accountant and were transparent and clear in all communications to get us a vital cash injection to fuel the future innovat...Managing Director
Fabrication Specialist*
“The attention to detail was fantastic and, with just a single meeting, Innovation Tax were able to identify and capture all the technical and financial data required,... Competent Professional Agricultural Chemical manufacturer*
“Innovation Tax were able to help us identify our compliant R&D activity and produce a robust report detailing this and the expenditure incurred, all within little...Head of Finance
Equipment ManufacturerNext
R&D CLAIM CALCULATORWho are you?
Under 500 Staff
Over 500 Staff
What is the financial position of your company?Profitable
Loss-making
Don't Know
What is your estimated spend on R&D per year?£25,000 £500,000
What is your estimated spend on R&D per year?£25,000 £500,000
What is your estimated spend on R&D per year?£25,000 £500,000
What is your estimated spend on R&D per year?£25,000 £500,000
We estimate you could receive up to£6,200
£6,200
£6,200
as cash repayment
Show how this example is calculated We estimate you could receive up to£2,500
as cash repayment
Show how this example is calculated To reward businesses for their investment, the Government allows you to enhance your qualifying expenditure. £25,000 x 130%(Enhancement Rate) = £65,000 x 19%(Corporation Tax Rate) = £6,200 £6,200 / £25,000 = 25% Claim My Entitlement of £6,175 I agree to be contacted by Innovation Tax Specialists using the telephone number and email address provided, and confirm that I accept the terms of using this website. Please note that the information on this form will only be used in relation to your query; Innovation Tax do not send unsolicited emails. To reward businesses for their investment, the Government allows you to enhance your qualifying expenditure. x 12% (RDEC rate) = 87,000 - 19% (Corporation Tax Rate) =/ = 10%
Claim My Entitlement of £2,500 I agree to be contacted by Innovation Tax Specialists using the telephone number and email address provided, and confirm that I accept the terms of using this website. Please note that the information on this form will only be used in relation to your query; Innovation Tax do not send unsolicited emails. Company Number 11500283 __ info@innovationtax.co.uk __ 0203 813 4600 (London) __ 0116 473 6470 (Leicester)QUICK LINKS
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