Staying in is the new going out!
There are some things that Covid-19 can’t spoil… like watching boxset after boxset on Netflix*. Or catching up with your family on a Skype* call. Or ordering a takeaway and snuggling up in front of your favourite film.
Something else you can still do whilst Coronavirus is about is claim your tax relief; both your R&D tax credits and your capital allowances. The YesTax team are now working remotely, but still providing the same great service from the comfort of their (and your) own homes.
How do we conduct meetings at this time?
Self-isolating? Not a problem, all of our team have conference call facilities so that you can still have a face-to-face meeting whilst social distancing at the same time. All you need is a reasonable internet connection, or failing that a telephone.
Who should be looking at R&D tax credits now?
Put simply, any business wanting a cash injection. HMRC has already set up a number of helpful provisions for individuals and businesses alike, and R&D tax relief is another way to get money in to your business at this challenging time.
If you have a recently completed financial period and have not claimed yet then now is as good a time as ever. If you have a March 2020 year end, and are likely to be able to claim a payable credit then get in touch now and we can get your claim lodged as soon as possible after the year end.
Our next period end is not for a while yet...
Consider shortening your accounting period – most companies are able to do this. For example, if you have a June 2020 year end then consider shortening this to March, and you can then claim a tax credit for 9 months. Claim a large slice of your credit now and put the rest in the fridge for next year!
What capital allowances can be claimed?
Reducing your tax bill is an easy way to retain cash. By maximising your capital allowances claim and reducing the tax due to HMRC, you can do just this! Where you’ve incurred historic expenditure; building, refurbishing, or extending your commercial property, so long as the asset is still owned, YesTax can compile your capital allowances claim and amend your previous years’ tax return to reduce the tax payable.
YES! That’s right. You can incur historic expenditure and claim the tax relief in a current period.
Call YesTax today for an obligation-free chat to see if you are eligible for either R&D tax relief or capital allowances, and let’s get moving with your claim.
* Other streaming and video chat services are available!