Corporation Tax RELIEF for Research and Development
Did you know that you can research and develop products inside your field of experience and company trade. For instance, a local company is in the IT arena and they are working on a home automation package for their clients. So Mr x bought a host of different home automation equipment to install around his/her office and home to test the equipment and how it will all string together in a real environment. Cost to the business was £32,000 however, they put that through their Corporation Tax claim and saved that buy deducting it off their tax return.
Again this is another scenario of do we pay the tax man/woman or do we do something useful with the money and develop new products that will benefit the company.
Check out the HMRC website for specific information, alternatively, give one of the Genio Accountants team a call and they will explain it in simple terms for you.
https://www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief Alternatively, if you want to know more about this in simple english then give the Team at Genio a call and they will happily explain it to you with no risk of you falling asleep.
Genio Accountants - Keeping you compliant and fine free. Phone: 023 8212 3336 | Address: 33a Portsmouth Road, Woolston, Southampton, SO19 9PE