A team of tax experts is helping business leaders claim back money through the Government鈥檚 tax credit schemes.
Many businesses are missing out on the tax relief they are eligible for, whether that鈥檚 simply not knowing they can claim or because the process is too complex and extensive to undertake.
Thankfully, an honest, helping hand is nearby so that companies can minimise their tax burden and maximise their financial returns.
has the resources and knowledge necessary to navigate the murky waters of the tax world to reach the treasure at the end - having advised 424 companies and amassed 拢5m in tax savings in the past two years.
The growing business is continually expanding its team and its presence, having recently opened a firm in Whitby - the hometown of director Emma Allen - as well as advising right across the Midlands.
One of the ways it helps businesses take advantage of the opportunities they are rightfully owed is through the Government's Research and Development (R&D) tax relief incentive.
Claims can be made directly through HMRC for undertaking innovative projects with the aim to become more competitive and increase industry standards, and with the Government's constant changes to improve compliance and extend the scope of the scheme, it's a scheme every business should consider.
Here鈥檚 what you need to know...
R&D tax relief eligibility
The is open to all industries, with the criteria for eligibility broad and inclusive. Any limited companies working on scientific or technological advancement within their field can apply. R&D begins at the purely theoretical stage and can even continue well after a product is created, with improvements to products or processes also considered qualifiable for the tax credit.
The Government is regularly expanding the incentive to keep abreast of technological change and innovation, so it now allows claims for all data and cloud computing costs and is set to allow for advances in pure maths.
Examples of projects could be developing a new product or service, streamlining processes, becoming more sustainable, or translating concepts, knowledge or equipment from one area into another. These projects do not need to be successful to claim.
The logistics of an R&D claim
Timescales
Claims need to be submitted within two years of the end of the project, and certain companies need to pre-notify HMRC of their intent to claim within six months of the end of their accounting period. Find out if you are still able to claim with a .
Rate of relief
The rate of relief has changed over the past year and 'R&D intensive' SMEs will be able to claim a more generous payable cash credit, so it鈥檚 vital you speak to a specialist to find out what you could expect to receive and to plan your tax submission.
Format and information
Claims will soon need to be made digitally - meaning faster turnarounds - and more information will be needed when submitting a claim. Trustworthy tax specialists can let you know what is necessary.
Emma Allen, director of Acute Business Advisory, said: 鈥淭he changes HMRC is making to claims will see a huge improvement in standards in the tax relief industry by increasing transparency and accountability.
"We are already submitting detailed information with our claims, but not all are and this makes it hard for HMRC to assess the validity of claims which leads to abuse of the system.
"We think these changes will have the biggest impact on standards in the R&D industry since the scheme was first introduced in 2000.
"Hopefully, we鈥檒l start to see R&D cowboys held to the same standard as many ethical advisors are already working to.鈥
Book a free consultation
Acute Business Advisory's purpose is to level the playing field for small and medium-sized businesses, enabling them access to the tax credits they rightfully deserve.
No over-inflating claims, no contracts, no lies and no deception - Acute Business Advisory will tell you if you don't qualify for R&D tax credits in your free consultation meeting so you can be reassured that you are going about claiming the right way.
Book a free consultation meeting , and find out more at
Acute Business Advisory is partnering with the North East Business Awards, sponsoring the Made In Britain Award, to reward local businesses. Find out more .
