Corporation Tax Reliefs: Is your business missing out?
If you own a limited company, you’ll be well aware that you’re required by law to pay tax on your company’s profits by a specified deadline. But, are you aware that you could be eligible to claim back a percentage of your tax return through Corporation Tax Reliefs?
Corporation Tax Reliefs can potentially be used in order to minimise your company’s tax bill but that said, claiming Research & Development (R&D) Tax Credits can be particularly tricky to navigate.
Know if you’re eligible: what expenses qualify for tax reliefs?
In order to qualify for R&D Tax Credits, your business must be involved in a specific project hoping to make a development or advancement in either the science or technology fields.
You must be able to explain how your company’s project either:
- Looked for an advance in science and/or technology
- Had to overcome a level of uncertainty
- Tried to overcome this uncertainty
- Couldn’t be easily solved by a professional in the field
R&D reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects.
Specialist accountants for Corporation Tax Relief support
Innovation and technology is moving at such a rapid speed that today’s innovation is being quickly replaced by tomorrow’s routine development, making the process of not only claiming but proving that you’re eligible to claim Corporation Tax Reliefs in the first place increasingly difficult.
What the HMRC deems innovative can occasionally be a case of hit or miss, which is why you need to contact a specialist accountant in order to ensure a successful claim.