Do you pay Corporation Tax?
If yes then read on - as you may be eligible to claim Research and Development (R&D) Tax Relief.
R&D tax relief came into effect in 2010 with the aim to encourage UK based companies to spend more on Research and Development.
If your business spends money developing new or enhancing products or services in science or technology then you could receive a cash payment or a reduction on your Corporation Tax liability.
“Many businesses don’t know they can claim R&D tax relief, or how to go about it,” said Peter Way-Rider, tax manager at Ellis & Co.
“There are a number of costs that qualify for R&D including employee costs, materials, utilities and software.
“The normal time limit for making your claim is two years after the end of the relevant Corporation Tax accounting period.
“This means that event though you may have already filled a Corporation Tax return, you can amend this to reflect any relevant R&D expenditure as long as the amended return is filled within the time limits.”
Ellis & Co can tell you if you are eligible for R&D relief, the full list of expenditure allowable and how much you can claim.
To find out more contact Peter Way-Rider on 01244 343504.