The fifth in our series of Top 10 Business Tax tips looks at a tax relief that is ignored by many businesses.
If your company invests in Research and Development (‘R&D’), have you planned how to make the most of the up to 225% effective tax relief? You don’t need to have scientists in white coats – you simply need to develop a product or a process in an innovative way, eg to make it faster or smaller. Many companies are doing this without realising that they are eligible for tax relief.
Tip: From 2012, the rate of tax relief was increased to 225% of qualifying expenditure for small companies – but it can be complicated. So, to make the most of one of the most generous tax breaks in the UK tax system, you will need professional help.
If you would like to arrange a free meeting with a Liverpool accountant to discuss business tax, either at our office or at your premises, please contact us on 0151 724 3960 or by email at [email protected].
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Added by Jon Davies