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Haines Watts Tamworth Phone icon 01827 61835

I have no doubt that the government’s intentions on Research & Development tax relief are to stimulate British industry, but these intentions are being hindered because of the amount of red tape required to make a claim

This is time when businesses need to use all of their resources to drive their businesses forward instead of dealing with the complexities of the tax system.

 

The system is currently time consuming and complex – which is why a number of businesses do not even bother to claim.

Additional help is also on the way for those companies that utilise patented processes in their production. In a bid to encourage the number of patented systems, a new scheme – Patent Box – will be introduced in 2013. This should enable profits deriving from patents to qualify for a 10% corporation tax rate.

You can read more about using patents to save tax on my previous blog post.

The whole system needs simplifying, so owner managers can understand if they qualify or not.

The good news

The good news is we’ve helped hundreds of companies claim R&D relief, but I want companies to be able to concentrate on their R&D activities – and not on their tax breaks.

We think giving companies clear and straightforward options should be the first step to encourage innovation.

Have you managed to claim R&D relief and how did you find the process?

To find out how Haines Watts Accountants Tamworth can help your business, call 01827 61835 or email tamworth@hwca.com.

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