In addition to the Government aid measures announced by the Chancellor, there may be other opportunities to generate some cash for your business. Two tax benefits that are commonly underexploited by businesses are Capital Allowances and Research & Development.
Capital Allowances are a tax relief on capital expenditure, and can include things like office fit outs and refurbs, as well as purchases of pieces of kit. This is often one of the most under claimed areas of tax, particularly in respect of items incorporated into the fabric of a purchased commercial property, so it is worth going back over your previous years’ expenditure – just in case you have missed something. Our pdf explains in more detail what expenditure qualifies. If you would like any help with a review or putting in a claim, please get in touch.
Many people are unaware that some activities in their business qualify as research and development and therefore fail to claim the tax reliefs they are entitled to. The common misconception is that research and development just relates to high tech or research laboratory businesses. If you have never made an R&D tax claim before, it is worth taking a closer look to see if anything you do would qualify. If you have carried out any development of new products or processes, or made modifications to existing products and processes in order to solve problems then you could qualify. Our pdf explains the relief in more detail, and we can undertake a review and prepare a claim for you on a contingency basis so there is no cost to you unless your claim is successful.
If you would like some help with this, speak to your usual client service team, or call 0330 024 3200 or email hi@hhllp.co.uk and we will put you in touch with one of our friendly experts.