Nothing brings a team together quite like a summer get-together. Whether it's a Friday afternoon barbecue, a few drinks in the sunshine, an ice cream van turning up at the office, or simply treating the team to lunch, these little gestures can go a long way. Better still, HMRC might be willing to chip in.
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If you're running a creative business in the UK, you might be missing out on some tax relief opportunities. Creative industry tax reliefs represent a significant opportunity for UK creative businesses to reduce their tax burden while investing in their craft. Whether you're making a film, developing a video game, or staging a theatrical production, these reliefs could put money back in your pocket.
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To be successful in a game of chess, it requires strategy: thinking ahead and planning your next move. Where R&D claims are concerned, it is more important than ever for company directors and their accountants to be looking ahead and planning their moves since the introduction of the advance claim notification – a requirement that many people remain unaware of.
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With much in the media about exploitation of HMRC’s R&D scheme and increases in R&D claim enquiries, we reflect on why this shouldn’t be off-putting to clients who are considering making a claim.
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Do you think your company might be eligible for Research and Development tax relief?
If so, it’s more important than ever to be communicating with your accountant and making sure that you aren’t caught out by the new rules in place and subsequently prevented from submitting a claim.
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There have been some significant changes around the administrative side of research and Development (R&D) for companies.
One change is that from 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected.
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Have you come across Research and Development relief (R&D) before? If you own or run a company, this relief could be hugely advantageous to you.
HMRC are really keen right now to help companies in developing new and exciting products; these range from anything to developing mobile phone apps to creating a new part for a bike; if the product is new and innovative, it could be eligible for this relief.
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Have you come across Research and Development relief (R&D) before? If you own or run a company, this relief could be hugely advantageous to you.
HMRC are really keen right now to help companies in developing new and exciting products; these range from anything to developing mobile phone apps to creating a new part for a bike; if the product is new and innovative, it could be eligible for this relief.
Continue ReadingThere is a variety of tax reliefs available to small companies which are advocated by HMRC and can be used to save tax through clear and authorised methods. One such scheme is Research and Development (R&D) tax relief. This is a government incentive designed to encourage innovation by UK businesses. R&D tax relief can be equivalent to up to 33p for every £1 spent on qualifying expenditure.
Continue ReadingMel Hackney gives an insight into R&D tax relief, and how many eligible businesses don't realise that they are.
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