Tax

Over the past eighteen months HMRC (the UK tax authority) have been revising their approach to encourage compliance. HMRC have at their disposal vast pools of information from overseas jurisdictions, from Companies House and from the Land Registry. They are using this data to subtly push people towards compliance, which is why they are called ‘nudge’ letters. The letter is designed to prompt or nudge the taxpayer into reviewing their tax returns and finances to determine whether further income or gains need to be notified to HMRC.

HMRC has recently issued ‘nudge’ letters to taxpayers who it believes hold crypto assets. The letter advises them that Capital Gains Tax issues can arise on any gains realised from the sale, or deemed disposal, of crypto assets. This can include the outright sale of crypto assets for cash, exchanging one crypto asset for another or using crypto assets to acquire goods or services.

What should you do if you get a ‘nudge’ letter?

It is important to undertake a thorough review of your sources of income and gains to consider if your filings are correct and complete. If you are sure that everything is in order, you can respond to HMRC to this effect.

The HMRC ‘nudge’ letter asks the individual to sign and complete a ‘certificate of tax position’ declaration. This includes a confirmation of understanding that a false declaration  is a criminal offence and can result in an investigation or even criminal prosecution. There is no legal obligation on the taxpayer to sign the declaration and if your affairs are in order it may be best to respond to HMRC by letter rather than with the ‘certificate of tax position’ provided.

If you have overlooked a source of income or gain, then this will need to be corrected as soon as possible. Different disclosure routes are available depending on the individual’s circumstances and one such route is via the Digital Disclosure Service (DDS).

How We Can Help

It is advisable for the individual to seek specialist tax advise on receipt of a HMRC ‘nudge’ letter.

Our tax team can help you review your tax position and can respond to HMRC and confirm what action, if any, will be taken to resolve the matter. In our experience, getting the strategy right to resolve the enquiry, in the most cost-effective way, is the key to minimising any potential damage.

For more information, please contact Paul Webb or Karen Dyerson in the Dixcart office in the UK: hello@dixcartuk.com as soon as possible to discuss the position.

Tax

The tax card outlines the business and individual tax rates for the tax year of 2023/24. All the essential tax facts, rates and figures are provided in one handy PDF, offering an easy point of reference all year round.

>> Download Now

Tax

With several tax changes due to come into force from April 2023, we look at a few last-chance opportunities available now to both individuals and companies, to save money in the coming months.

Last-chance Opportunities – Income Tax

Where income is expected to be between £125,140 and £150,000 in 2023/24, bringing income into 2022/23 could mean the difference between being taxed at 40% in 2022/23, rather than being taxed at 45% in 2023/24; or between 41% and 47% in Scotland. There are a variety of ways that this may be done, and we can help you review the possibilities in your circumstances.

CGT Exemptions

A phased reduction in the capital gains tax (CGT) annual exemption is on the horizon.

Currently £12,300, the exemption falls to £6,000 from 6 April 2023. A further reduction takes effect from 6 April 2024, when it drops to £3,000. A key component of any such planning is to make use of the annual exemption. It is possible to transfer assets between you and your spouse on a no gain/no loss basis in order to make best use of the exemption. It is essential to get the detail of any transfer correct. Do please discuss any disposal with us first to make sure that it is effective for tax purposes.

ISA Accounts

ISAs are sometimes referred to as a tax ‘wrapper’ for investments: they allow you to make a tax-efficient investment, rather than dealing directly in the investment market and facing the associated tax consequences. The tax benefits are considerable.

ISAs are free of income tax and capital gains tax and do not impact the availability of the savings or Dividend Allowance. ISA limits cannot be carried into future years. Use it before 5 April 2023, or lose it.

ISA Subscription Limits

Looking forwards, once the capital gains tax annual exemption falls from 6 April 2023, ISAs become an even more important tool for tax planning.

HMRC’s Corporation Tax Super-Deduction Comes to an End 31/3/2023. Should my Company Take Advantage?

HMRC’s Corporation Tax super-deduction scheme finishes on 31 March 2023. The super-deduction allowed companies to cut their taxes by up to 25p for each pound invested.

Simultaneously, the rate of corporation tax will increase from 19% to 25% for many companies from 1 April 2023. To benefit from an accelerated tax saving with a capital purchase, action should be taken now to determine if action should be taken before that date.

For companies in the following situations, the consequences of purchasing an asset in March 2023 as opposed to April 2023 could be of even greater benefit to the company:

• Where profits are being made below the £250,000 limit (adjusted for associated companies)
• Where a company is in a taxable loss position

Additional Information

If you have any questions regarding the forthcoming changes to UK corporation tax, please get in touch with your usual contact at the Dixcart office in the UK or e-mail: advice.uk@dixcart.com.

Tax

Dixcart UK can help your business raise funding through the use of the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).

EIS fund raising is designed to help your company raise money to grow your business. It does this by offering tax reliefs to individual investors who buy new shares in your company.

Up to £5 million each year, and a maximum of £12 million in your company’s lifetime, can be raised through the use of EIS. This includes amounts received from other venture capital schemes.

Comprehensive advice regarding the scheme rules will ensure that your investors claim and retain EIS tax reliefs relating to their shares and we can also manage the whole process, from pre-approval to the issue of the EIS certificate.

The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) are very similar schemes which offer substantial tax incentives to investors in qualifying companies.

The tax incentives for SEIS and EIS investments are intended to encourage investment in high-risk, small, unquoted companies that may find it difficult to raise finance without the tax incentives being offered. Dixcart UK is a tech sector specialist and also offer expertise on the different rules that are available for knowledge-intensive companies that carry out a significant amount of research, development or innovation.

Details are complex, but we can offer advice for you to progress through the process as smoothly as possible.

You can also view the EIS/SEIS Guide PDF here.

Raising Finance through SEIS and EIS

SEIS focuses investment in the very early stage, for new businesses that may face particular difficulties in raising finance as they are seen as being very high risk. EIS is also intended for small companies but they can be a little larger and a little older than those for which SEIS is intended. The schemes are very similar and are designed to facilitate seamless growth through financing being raised first through SEIS and then further, follow on financing, being raised through EIS.

The company must first meet the conditions required by the SEIS / EIS legislation to become a qualifying company and it must then issues shares which need to meet stringent requirements to be qualifying shares. Advance assurance can be sought from HMRC, before the share issue, to gain comfort that the conditions will be met. The investor subscribes for the shares either directly, or in some cases through an approved investment fund, and then the investor applies to HMRC for the tax reliefs available.

 From the investor’s point of view, the process for claiming the tax relief is quite straightforward, as it simply involves following a few steps which are detailed on the scheme certificates. The more difficult aspect rests with the company and its ability to meet all of the prescribed conditions.

The Reliefs available to Investors

Before an investor can make a decision to invest and/or before the company can consider if raising funds though EIS would be appropriate, an understanding of the tax reliefs available to the investor is needed.

Worked examples to compare EIS and SEIS Tax Relief

Three scenarios are demonstrated below to illustrate possible outcomes for an investor investing in a qualifying company under the EIS and SEIS. In the first scenario, the company fails and is wound up; in the second, the company breaks even with no change in the value of its shares; and in the third scenario, the company is successful and the shares double in value.

 It is assumed that the investor invests £10,000, the investor’s marginal rate of income tax is 45%, capital gains tax is charged at 20%, the annual investment limits have not been breached, and income tax relief is not withdrawn or reduced.

Further Information

If you would like more information on either of the EIS or SEIS schemes and how they may be beneficial to you as an investor or a company seeking to raise funds, please get in touch.

 Our specialist team will take all the hassle away from you and you can be confident that your claim will be handled quickly and efficiently to maximise the relief available. Please contact Paul Webb on 0333 122 0000 or email hello@dixcartuk.com to arrange a free no obligation consultation.

You can also view the EIS/SEIS Guide PDF here.

Tax

During the Autumn of 2022, changes to UK corporate tax and personal tax regimes were subject to a number of amendments.

In addition, it is now confirmed that two significant changes are taking place in the near future:

• From 1 April 2023, non-UK resident property companies will be subject to an increased corporate tax rate of 25%, a 6% increase compared to the current rate of 19%, tax year 2021/2022.

• An existing set of rules which, have not been directly relevant for some time, will now definitely need to be taken into account and will see many companies under common control, now being viewed as ‘associated’ with each other. This can have a significant impact on the amount and dates on which UK corporate tax is payable.

The Increase in the UK Corporate Tax Rate

From 1 April 2023, corporate tax rates in the UK will vary between 19% and 25%. The previous single rate having been 19%.

Where a UK resident company has taxable profits of less than £50,000, the 19% small profits rate will apply. UK resident companies with profits of between £50,000 and £250,000 will pay a tapered rate of between 19% and 25%. Above the higher limit of £250,000, the 25% rate will apply to all taxable profits.

These bandings are reduced if there are associated companies, please see further details below.

Where an accounting period spans across the date of 1 April 2023, taxable profit will be split to the period before and after 1 April 2023, with differing rates applied.

Companies Incorporated or Tax Resident Overseas

Companies which are incorporated and/or tax resident overseas and which are subject to UK corporation tax, will pay a flat rate of 25% corporation tax on taxable profits arising after 1 April 2023.

This 25% rate will apply to all UK based property and trading income and to capital gains on all sales of UK investment property.

Action could be taken ahead of 1 April 2023, to mitigate some of the implications of these changes. Any proposed action would, however, need to be assessed to ensure it makes commercial sense and take into account any prevailing case law and HMRC practice. Professional advice from a company such as Dixcart should be taken.

The Option of De-enveloping UK Property Held in a Non-UK Resident Company

If the de-enveloping of UK properties being held by non-UK resident companies is being considered, this should take place as far ahead of 1 April 2023, as possible.

Each situation needs to be considered based on its merits and an evaluation needs to take place as to whether this is the most appropriate action, from both a tax and a wider perspective. Any decision also needs to take into account that it might take some time to put changes in place to achieve the desired end result.

Associated Companies – Changes to the Rules

The current rule of a ‘related 51% group company’; where companies have generally been deemed to be related 51% companies, where there is common corporate ownership greater than 50%, is also due to change on 1 April 2023. As a consequence, companies that previously did not fall within the quarterly instalment payment regime (QIPs), may now do so.

The new definition of associated companies will be significantly broadened to include companies controlled by the same person/s. A ‘person’ includes not only individuals but also trustees of a trust and partners of a partnership.

A simple example is detailed below: a trust holds all the shares (100%), in 8 separate companies. The companies undertake similar activities, and the shares were settled into the trust by the same settlor. Under the pre-1 April 2023 rules there are no 51% group companies, under the new rules there could be up to 8 associated companies.

QIPs: Definition

Most companies pay UK corporation tax within 9 months and 1 day, after their year-end. This is unless they fall under QIPs. As detailed above, whether a company is deemed to be an associated company and the number of associated companies will determine whether a company must pay its UK corporation tax via the QIPs regime.

Generally, QIPs applies, where:

• Taxable profit exceeds £1.5million in two consecutive accounting periods,

OR

• Taxable profit exceeds £10million on any accounting period.

It is very important to note that the taxable limits are divided by the number of associated companies.

QIPs does not increase the tax payable, but it does have a considerable impact on cash flow and missing or underpaying QIPs can result in penalties and/or interest being applied.

Additional Information

If you have any questions regarding the forthcoming changes to UK corporate tax, please contact Paul Webb at: hello@dixcartuk.com.

Tax

A New Campaign

A new campaign was launched by HMRC, in September 2022, aimed at overseas entities that may not have met UK tax obligations in relation to the UK property that they own.

HMRC have stated that it has reviewed data, from HM Land Registry in England and Wales and other sources, to identify companies who may need to make disclosures for; non-resident corporate rental income, annual tax on enveloped dwellings (ATED), the transfer of assets abroad (ToAA) legislation, non-resident capital gains tax (NRCGT), and, finally, income tax under the transactions in land rules.

What is Taking Place?

Depending on the circumstances, companies will receive letters, accompanied by a ‘certificate of tax position’, recommending that they ask connected UK-resident individuals to re-examine their personal tax affairs, in the light of relevant anti-avoidance provisions.

Since 2019, ‘certificates of tax position’ have been issued to UK residents who receive offshore income.

The certificates typically require a declaration of the recipients’ offshore tax compliance position within 30 days. HMRC has previously noted that taxpayers are not legally obliged to return the certificate, which could expose them to criminal prosecution, if they make an incorrect declaration.

Standard advice to taxpayers is that they should consider very carefully whether they return the certificate or not, regardless of whether they have irregularities to disclose or not.

The Letters

One of the letters concerns undisclosed income received by non-resident corporate landlords and liability to ATED, where applicable.

This will also prompt UK-resident individuals who have any interest in the income or capital of a non-resident landlord, whether directly or indirectly, to consider their position as they may fall within the scope of the UK’s ToAA anti-avoidance legislation meaning that the income of the non-resident company can be attributed to them.

The letter recommends that any such individuals should seek professional advice to ensure their affairs are up-to-date.

An alternative letter is being sent to non-resident companies that have made a disposal of UK residential property between 6 April 2015 and 5 April 2019, without filing a non-resident capital gains tax (NRCGT) return.

Disposals of UK residential property by non-resident companies were subject to NRCGT between 6 April 2015 and 5 April 2019. Where the company purchased a property before April 2015 and the whole gain has not been charged to NRCGT, that part of any gain not charged, may be attributable to the participants in the company.

Such corporates may also be liable to pay UK tax on rental profits, as well as income tax under the transactions in land rules and ATED.

The Need for Professional Advice

We strongly recommend that UK-resident individual participants in these companies should seek professional advice, from a firm such as Dixcart UK, to ensure that their matters are up to date.

The Register of Overseas Entities

This new focus coincides with introduction of the new Register of Overseas Entities (ROE), that came into force on 01 August 2022.

As criminal offences may be committed for non-compliance, with the requirement for overseas entities to register certain details (including those of the beneficial owners) to Companies House. 

Please see below a Dixcart UK article on this topic: Register of Overseas Entities: A Comprehensive Guide to the new Registration Requirements for Overseas

Additional information

If you have any questions and/or would like advice regarding non-resident status and the obligations in relation to tax on UK property, please speak to Paul Webb: at: hello@dixcartuk.com.

Alternatively, if you have any queries regarding the UK public register of beneficial ownership of overseas entities, please contact us at: hello@dixcartuk.com.

Tax

The government published draft legislation week commencing 18 July, for the Finance Bill 2022-23. This includes consultations on changes to; capital gains tax, pensions and R&D tax relief.

Key Points

Capital gains

The divorce of a married couple requires assets to be distributed between the two individuals, often including a share in the value of the family home. Currently such transfers are only free of CGT if they occur within the same tax year of separation. Between that date and the decree nisi the couple are connected persons but not living together, so the CGT no gain/no loss treatment for transfers between married couple/civil partners does not apply.

The proposals will stretch this CGT exempt period to three years for separating couples, and allow any assets which are the subject of a divorce agreement to be transferred on a no gain/no loss basis without time limit.

This will apply for all disposals that occur on and after 6 April 2023, and has been brought about following a recommendation by the Office of Tax Simplification (OTS).

Pensions

Having pension contributions deducted from net pay is not a problem, if the individual is a taxpayer, because he/she gets the same tax relief as if the employer operates a relief at a source scheme. But under auto-enrolment, many low paid employees pay pension contributions although they do not earn enough to pay income tax, so they miss out on the tax relief.

For the tax year 2024/25 onwards, those employees on net-pay schemes will be able to claim a rebate from the government on the tax relief they are due. Why this has not been sorted out earlier is a mystery.

The treatment of regular income paid out of collective money purchase pension schemes, which are being wound, up will also be clarified. This will ensure that those payments are taxed as pensions and not as unauthorised payments. This change will take effect from 6 April 2023.

R&D tax relief

There have been several consultations on strengthening the R&D tax relief scheme to make it less vulnerable to fraud. The Finance Bill proposals go further and suggests that small companies who want to claim R&D tax relief, will have to inform HMRC in advance of their intention to claim within six months of the end of the first period the claim will relate to. A senior officer of the company and the tax adviser will also both have to be named on the claim.  These are currently only proposals and we will keep you informed of any developments.    

Clarifications

Companies who allow their residential properties to be used for the Homes for Ukraine scheme are to be exempt from ATED and the 15% rate of SDLT on those properties.

Consultations

Two new consultations were announced concerning new powers for HMRC to collect data from businesses, and to digitalise business rates, including linking that data to the wider tax system.  We will provide further details once any measures are finalised.

Need Any Help?

If you have any questions regarding the proposed changes detailed above, please get in touch today: hello@dixcartuk.com

Tax

Where a UK resident individual, trustee, personal representative, or partner in a partnership disposes of UK residential property and capital gains tax is due, they are required to report any Capital Gains Tax liability and pay any Capital Gains Tax due, within 60 days of the completion of the sale where there is a liability to Capital Gains Tax.

Non-UK residents are required to report not just disposals of residential property, but all disposals of UK land whether or not they realise a gain, including indirect disposals such as the sale of shares in property rich companies. A company is property rich if 75% or more of its gross asset value derives from UK property.

For a ‘one-off’ disposal, there may be no need to register for Self-Assessment and submit a Self-Assessment tax return, however, for those meeting the requirements of Self-Assessment or who are already in the Self-Assessment system, the property disposal will also need to be reported on their personal Tax Return.

Applicable Transactions and Properties

Reporting, by UK residents, applies to the following disposals:

• A sale of UK property at arms-length
• A gift, transfer or deemed disposal
• A sale at undervalue

Types of Property

• A property never lived in, or only lived in for part of the ownership period, where not a main residence
• A holiday home
• A rental property
• A mixed residential and commercial property.

Payment on Account of Capital Gains Tax (CGT)

The actual capital gains tax liability will be computed once the taxpayer’s Tax Return has been prepared (if relevant).  This will consider an individual’s taxable income for the year and losses realised after the property disposal, that were not reflected in the original tax estimate. The CGT paid is treated as a payment on account, and interest will be charged where the estimated tax payment is less than the actual CGT due.

Filing Requirement

To file the return, you will need to set up a Government Gateway account and create a ‘CGT on UK property’ account. A client can authorise an agent to file, such as Dixcart UK, the return on their behalf and there is a separate agent authorisation process.

Penalties

Where the return is not filed within 60 days of the date of completion, an automatic late filing penalty of £100 will apply.

Returns filed more than 6 months after completion of the sale will also attract a late filing penalty of £300 or 5% of the tax outstanding, whichever is higher. Returns filed more than 12 months after the completion of the sale will also attract a late filing penalty of £300 or 5% of the tax outstanding, whichever is higher.

Enquiry Period

Where an individual is not in Self-Assessment, the return is treated as having been filed on 31 January following the year of assessment in which the disposal takes place.

This is in contrast to someone in Self-Assessment for whom the enquiry window ends 12 months after the submission of the Self-Assessment tax return.

We can Help

For more information on reporting residential property gains, please contact Paul Webb: hello@dixcartuk.com.

Tax

Research and Development (R&D) tax relief can prove an extremely valuable tax relief and, for companies carrying out significant qualifying R&D projects, it may mean not having to pay any corporation tax for many years or even claiming a repayment from HMRC.

Despite the above it still remains a relatively under-claimed relief with companies believing the rules and qualifying criteria to be complex and prohibitive. However this is not the cause. Get in touch today to find out how easy the process is: hello@dixcartuk.com.

>> Download Now

Tax

There are several incentives offered by the Government that small or medium businesses (SME) can access now to help them invest and grow.

1. Claim up to £5,000 with the Employment Allowance

Employment Allowance allows eligible employers to reduce their National Insurance Contribution (NIC) liability each year. Last month, HMRC increased the Employment Allowance from £4,000 to £5,000 to further benefit SMEs, which is a new tax cut worth up to £1,000 for nearly half a million SMEs.

Businesses will pay less Employers’ Class 1 National Insurance each time they run their payroll until the £5,000 has gone or the tax year ends (whichever is sooner), if their Class 1 National Insurance liabilities were less than £100,000 in the previous tax year. To find out if your business is eligible, get in touch today or find out more here.

2. Help to Grow: Get a discount of up to £5,000 on new software

The Government provides two ‘Help to Grow’ programmes to assist SMEs grow their business and build towards reaching its full potential:

• Help to Grow: Digital

This is a UK-wide Government backed scheme which allows businesses to choose, buy, and adopt digital technologies which will help their business develop.

Eligible businesses can receive a 50% discount when buying new software, worth up to £5,000 per SME. Businesses can also access online, free impartial advice and support about how digital technology can boost their business’ performance. 

• Help to Grow: Management

This scheme provides SMEs with access to a 12-week learning course on a range of topics from leadership and financial management to marketing and digital adoption, all designed to fit alongside work commitments.

This management course is 90% funded by the Government so businesses only pay £750, and it is delivered through leading UK business schools and by one-on-one support from expert business mentors.

By the end of the management programme, businesses will have developed a business growth plan to help reach their full potential.

To be eligible, businesses must be a UK-based SME, actively trading for at least one year, and have a total of between 5 – 249 employees.

3. Get up to half off Business Rates – from April 2022

There is a new business rates relief scheme which allows businesses such as small retail, hospitality, and leisure properties worth £1.7 billion in 2022/23, to benefit from 50% off their business rates bills, up to a cash cap limit of £110,000 per business.

The Government will reimburse local authorities that use their discretionary relief powers to grant relief. To find out which properties can benefit from relief, please get in touch or find out more here.

In addition, the business rates multipliers, which are used to calculate how much business’ rates should be paid, have been frozen for another year. For 2022 to 2023 the business rates multipliers are 49.9p for the small business multiplier and 51.2p for the standard multiplier.

From April 2022 there are no business rates due on a range of green technology, including solar panels and batteries, whilst eligible heat networks will receive 100% relief, helping business save around £200 million over the next five years.

4. Invest in your Business: Super-deduction and Annual Investment Allowance (AIA)

• The Super-deduction

For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments and a 50% first-year allowance for qualifying special rate assets.

Under the super-deduction, for every pound a company invests in any qualifying machinery and equipment (which can include the purchase of computers, most commercial vehicles, and office furniture), their taxes are cut by up to 25p ensuring the UK capital allowance regime is amongst the world’s most competitive.

• Annual Investment Allowance (AIA)

The AIA provides 100% relief for plant and machinery investments up to its highest ever £1 million threshold until 31 December 2021. Originally due to revert to £200,00 at the start of 2022, the extension of the £1 million limit for the Annual Investment Allowance allows businesses to spend up to £1 million on qualifying business equipment and deduct in-year its full cost before calculating taxable profits.

You can only claim AIA in the period you bought the item. The date you bought it is:

• when you signed the contract, if payment is due within less than 4 months, or
• when payment is due, if it’s due more than 4 months later.

You cannot claim AIA on business cars, items owned for another reason before starting the business, and items given to the business or business owner(s).

For more information, please get in touch or find out more here.

5. Fuel Duty

From 23 March 2022, the Government has implemented a 5p per little fuel duty cut on petrol and diesel for 12 months.

This cut, with the additional freeze in fuel duty in 2022 to 2023, will represent a £5 billion saving worth approximately:

• £200 for the average van driver
• £1,500 for the average haulier

Further Information

If you have any further related SME queries, please get in touch and we can give you tailored financial advice for your business. To find out what other support may be available for your business, please contact Paul Webb at hello@dixcartuk.com, or search ‘business support’ on GOV.UK.

Tax

If you own or work for a company with assets of £30 million or less, it may be able to offer Enterprise Management Incentives (EMI).

Companies can grant employees share options, up to the value of £250,000 in a 3-year period. Employees will not need to pay Income Tax or National Insurance if they buy shares for at least the market value of the shares when granted the option.

EMI Share Schemes is a Government approved, tax beneficial and very flexible way of incentivising key staff members. This guide outlines some of the most common options within the scheme to do this, from the Growth Share Scheme to the Phantom Share Scheme.

Click here to download the complete guide.

Companies that work in ‘excluded activities’ are not allowed to offer EMIs. Excluded activities include:

• Banking
• Farming
• Property development
• Provision of legal services
• Ship building

For further information on EMI Share Schemes, please contact Paul Webb, or email hello@dixcartuk.com.

Tax

The tax card outlines the business and individual tax rates for the tax year of 2022/23. All the essential tax facts, rates and figures are provided in one handy PDF, offering an easy point of reference all year round.

>> Download Now

Tax

R&D Tax Relief is a UK Government backed incentive designed to encourage innovation and increase spending on Research and Development activities for companies operating in the UK.

For SMEs:

• A deduction of 230% of the amount spent on R&D can be made from taxable profits, reducing the corporation tax due.

For loss making companies:

• The scheme allows up to 33.35% of a company’s R&D spend to be recovered as a cash repayment.

However, claims are often overlooked.

Business owners often; over-estimate the level of innovation that is required in order to claim, don’t know about the relief, or simply suspect that it is too good to be true!

To find out; what qualifies, how R&D tax relief is calculated and how to apply, please see: R&D Tax Credits