Tax relief uncovered
Tax relief for Capital Allowances and Research and Development can be a niche area with complexities.
Tax isn’t often the first thing your clients think of in a positive way.
However, when it comes to research & development, investment and growth, the tax relief available through government legislation could be significant in providing valuable funds.
As experts in the field we work with IFA members to support you and your client, so you can be sure your we maximise their claim and make the process as smooth as possible. Ensuring that your clients receive what they are due and allows you, their accountant to add additional value.
Catax will cover three areas of tax relief and how they provide valuable revenue for businesses investing in innovation and development.
Research & Development (R&D) Tax Relief
This is awarded to businesses that invest in innovation. This innovation can be in the form of developing new systems, processes, products, materials, devices, or any changes to the way your business works. There are nearly 5.5 million companies in the UK, yet according to HMRC's Research & Development Tax Credits Statistics, only 170,000 claims have been made between 2000 – 2016.
Capital Allowances Tax Relief
This offsets the hidden expenditure in your commercial property. Typically, this includes elements such as air conditioning, wiring, heating, lighting and security systems. All commercial property owners who are UK taxpayers may be eligible to claim Capital Allowances tax relief.
The Patent Box Tax Relief
This is the Government’s way of encouraging the development of new patented inventions in the UK. If your company is making a profit on your patented inventions, you will be eligible for a lower effective corporation tax rate of 10% on your relevant profits. In 2015/16, a total of 1,160 companies claimed relief under the Patent Box with a total value of £754.3 million. The number of claims for 2016/17 so far is 1,025 with a value of £942.5 million, however there are still hundreds of eligible companies who have not claimed!
About the speaker
Nigel Holmes is qualified as a Chartered Accountant in 1994 and as a Chartered Tax Adviser in 1998, with a focus on helping businesses claim Research & Development tax relief. With over 18 years’ experience, Nigel advises both individuals and companies to uncover significant tax relief and tax refunds from their work. He was nominated for Tolley’s Taxation ‘Tax Writer of the Year Award’ in 2017 and posts regularly through Catax’s internal blog, ‘Tax Talk’, to educate and advise anyone thinking of claiming Research & Development Tax relief, as well as providing content for external sources.
Tue, April 16, 2018 10:00am - 11:00am