Happy Valentines – Tax Relief Tips

Happy Valetines from Onyx

Friday, 14th February 2020

Roses are red, violets are blue, here are 3 tax saving tips for you!

No.1 – R&D Tax Relief

You are a Limited company, but are you claiming your R&D tax relief? If you are facing technical project challenges; maybe you are responding to a bespoke customer request or just doing something differently to anything that is 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 (primarily that’s companies with 500+staff), the scheme gives a benefit of 9.72%.

No.2 – Patent Box

You are 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 patent-able technology – we can help. If we deem, you are eligible, we will apply for your patent and secure these tax savings for you.

No.3 – Capital Allowances

You own commercial property on which you have incurred capital expenditure, either; buying, extending, redeveloping, refurbishing or fitting out, AND you are subject to tax in the UK. Are you certain you are claiming your full entitlement to capital allowances? This reduces your tax bill. To maximise this opportunity requires a full surveying and valuation exercise. Our forensic process identifies all qualifying expenditure in the level of detail required for tax purposes. If you are 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……………

The Team at Onyx can help to ensure you benefit the most from these tax reliefs giving your business the love that it needs.

If you have any queries, or want to discuss further, please give us a call us or e-mail us at  enquiries@onyxaccountants.co.uk for a FREE no obligation consultation.

GET IN TOUCH WITH ONYX

Got any questions or queries? Our friendly team of tax specialists are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.