Roses are Red, Violets are Blue, Here are 3 tax saving tips for you
No.1
You’re a Limited company, but are you claiming your R&D tax relief? If you’re facing technical project challenges; maybe you’re responding to a bespoke customer request or just doing something differently to anything that’s been achieved before – you don’t even have to be successful, then perhaps you should be making an R&D claim. You should at least be asking the question. R&D tax relief gives a benefit of somewhere between 24.7% and 33.35% of the qualifying expenditure identified, depending on the company’s tax position. For instance, a claim which identifies £100,000 of expenditure benefits a company by reducing its tax bill by £24,700 (at a corporation tax rate of 19%). For large companies (companies with 500+staff), the scheme gives a benefit of 9.72%.
No.2
You’re a Limited company, paying corporation tax AND hold an interest in a patent? Shouldn’t you be claiming your patent box tax relief and cutting your corporation tax down from 19 to 10%? Even if you haven’t got a patent already, but think you may have patentable technology – we can help. If we deem that you’re eligible, we’ll apply for your patent and secure these tax savings for you.
No.3
You own commercial property on which you’ve incurred capital expenditure, either; buying, extending, redeveloping, refurbishing or fitting out, AND you’re subject to tax in the UK. Are you certain you’re claiming your full entitlement to capital allowances? This reduces your tax bill. To maximise this opportunity a full surveying and valuation exercise must be undertaken. Our forensic process identifies all qualifying expenditure, in the level of detail required for tax purposes. If you’re an owner occupier this reduces your trading profits or increases losses, or if it’s an investment property you own, rental profits can be offset.
Don’t say we never think of you darrrrling...
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