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Innovation Tax Reliefs are in your DNA, supporting businesses is in ours
All dynamic businesses, both large and small, must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile. At Grant Thornton we can unlock cash funding to help you achieve your growth ambitions. Working across the UK and leveraging our international network, we can bring the latest tax opportunities based on evolving tax legislation and HM Revenue & Custom’s (HMRC) approach. Our team have completed many successful engagements and have a proven track record of producing value for our clients, whilst reducing the administrative burden of claiming relief.
Maximising Value – Minimising Risk
Our specialist, experienced team of tax and industry professionals are well-equipped to assist claimant companies to identify qualifying activities and ensure that relief is maximised by identifying all qualifying costs. Claims for relief will result in a cash benefit either in the form of a reduced corporation tax liability or a repayable cash credit, if it is loss making.
Our innovation tax team has dedicated, local contacts across the UK and will work closely with you to a tailored approach. We are experienced in developing an appropriate and robust claim methodology. We are involved in the Treasury’s consultative committee and understand what HMRC’s specialist units want to see in a claim. This helps to safeguard against the likelihood of queries being raised - minimising the claim’s risk from enquiry.
Where required we can produce legacy tools, to help the company establish a more self-sufficient approach in preparing future claims. We have an enviable track record of delivering value in this space through leveraging our knowledge and sector experience.
Our service offering is flexible and can be be-spoked to your needs. Services can range across the full claim preparation, assurance or a high level review depending on the business need. We have some exceptional credentials and are very successful in maximising and obtaining relief for companies across the majority of sectors. Potential areas of opportunity are as follows.
Research & Development Tax Relief
A company could benefit from research & development (R&D) Tax Relief if it incurs costs in developing new products, processes or services. Relief is available irrespective of whether the business is profitable or loss making. The cash benefit can range between 9%-33.35% of the qualifying spend depending on the business size.
Patent Box Relief
Companies which own patents or have an exclusive licence over somebody else’s, should consider their eligibility for relief. Patent Box can potentially enable a business to apply an effective corporation tax rate of 10% on profits derived from a qualifying patent.
Research & Development Allowances (‘RDAs’)
R&D Allowances enable a 100% first year allowance on capital expenditure incurred for R&D purposes. This can represent a cash flow advantage or an absolute saving.
Creative Industry Tax Reliefs
The UK government is set on making the UK the technology hub of Europe and as such 7 creative sector reliefs have been introduced to support technical innovation. At Grant Thornton we can help you access relief for Video Games, Theatre productions, Film production and Animations.
We offer a free, informal consultation to explore the potential to make a claim so please don’t hesitate to contact one of our innovation specialists to explore these opportunities further.
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