Does your business operate in the science and technology sector?
Do you want some extra tax relief? Of course you do. Fortunately, for the science and technology industry, HMRC are eager to provide tax breaks. These are for companies making advancements in their specific industry. If your business carries out its own research and development, chances are you'll be entitled to some generous cash back. Some companies will be able to claim 230% of research and development costs against taxable profit.
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Benefits for businesses doing innovative work in the science and technology industry
If your company is seeking to make advances in systems, processes, services or products, it may be eligible. Tax relief available varies on the size of your business. On the SME scheme companies can claim 130% enhanced tax relief, whereas large companies are limited to 30%. Regardless of the size of your business, it's still worthwhile.
But I don't do any research or development.
Are you sure? Many businesses eligible for the tax breaks don't realise at first. Even if the process sounds too complex, or not worth the effort, if you enlist the help of a professional, you'll be able to see the true benefits.
Essentially, Research and Development tax relief is free money. It's intended to help the nation's science and technology industries make quicker progress. You have nothing to lose in finding out if your company is eligible. Worst case scenario, nothing changes. If things go well, you could get tax relief on more than double what you actually spend. Even if you've already received a grant for research and development, you can still claim some tax relief form HMRC.
At MoynanSmith we are chartered accountants and tax advisers based in Carlisle. This means that we have expert knowledge of tax legislation and ways for you to gain tax relief. Research and development tax relief is no different, we'll make finding out your eligibility and applying easy. So, you can get all the tax breaks you're entitled to with minimum hassle.
Want to make shaping the future easier? Or at least less costly? Get in touch with MoynanSmith today and we'll help you access every form of tax relief available to you.