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“I was very impressed with the professional support I received from Hart Shaw throughout. They dealt with HMRC on my behalf, gathering all the information required and went through every aspect of the tax investigation process with me. I had complete trust in them.”
Mr D, Director, South Yorkshire
“Steve Vickers assisted me on a difficult case concerning EBTs. He was an excellent expert witness who was able to withstand leading tax counsel instructed by the other side in the end he brokered a sensible compromise which avoided expense for both parties.”
Mrs Cowell, Partner, North West
Companies can currently claim additional tax relief for expenditure of a revenue nature incurred on qualifying “research and development” activities.
Legislation was introduced in 2012 which increased the rate of the additional tax relief from 100% to 125% for qualifying expenditure incurred by small or medium-sized enterprises (SME’s) on or after 1 April 2012.
This gives a total tax deduction of 225% on the expenditure incurred and an effective corporation tax relief equal to 45% (based on the current 20% small companies corporation tax rate).
If a company is currently loss making, which it may be during the early years of trade, the loss applicable to research and development can be surrendered in return for the payment of an “R&D tax credit”.
The government has also introduced further changes in respect of expenditure incurred on or after 1 April 2012 as follows:
We can assist you with the submission of successful claims by;