Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Haines Watts accountancy believe that businesses in the UK and Wales may be missing out on Research and Development relief, which could be worth more than the actual cost of R & D. The government provide the relief for companies who are liable to pay Corporation Tax, and take part in the development or improvement of goods or services. According to advisers at Haines and Watts, a large number of companies aren’t aware of the tax relief, or simply don’t have the time to spend making an application.

The government increased the tax relief available during the budget, with the new amounts being applicable from 1st April 2011. For costs of R & D arising on 1st April 2011 or after, Small and Medium Enterprise can claim 200 percent tax relief, which will increase to 225 percent from 1st April 2012. The government believe that private enterprise is crucial to the growth of the economy, and have increased tax relief to encourage research and development in the UK and Wales.

One of the partners with Haines Watts in South Wales, Stephen Lucey said:

“However it is clear to us that many companies are either so busy doing their research that they don’t have the time to claim, or are simply not aware that the scheme applies to them. They are delighted when we show them the benefits- even more so when it’s up to two years after they have spent their money.”

Making a claim for R & D relief could be time consuming, but it will minimise your tax bill legitimately.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.