Using Research & Development tax relief to reduce your corporation tax bill

Cut corporation tax with R&D tax relief

Cash flow is arguably one of the most important parts of managing your small business. So any tax incentives, or potential tax relief opportunities which are available should always be grabbed with both hands.

But then, you often hear stories about how great these incentives and reliefs are, only to find that there are lots of conditions and qualifying factors, which mean you can’t actually benefit from them.

Thankfully, Research and Development tax relief isn’t like that. As long as you are genuinely investing in R&D projects, there’s a great opportunity to cut your corporation tax bill, or even get tax credits from HMRC in the form of an actual cheque!

So, what do you need to know about Research & Development Tax Relief Incentives? (more…)

Business Taxation – What are the main taxes?

Review of business taxes

Small businesses, and the individuals who run them, are subject to a wide array of taxes – from Corporation Tax to National Insurance.

Here is an overview of the main UK business taxes you will encounter as a business owner, together with links to our more in-depth guides.
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Capital Allowances – A review of the various schemes available for businesses

When you buy certain new equipment, invest in buildings or research and development, you can deduct a proportion of the cost from your taxable profits and reduce your business tax bill, through Capital Allowances.

Capital Allowances take the place of commercial depreciation, which is not allowed for tax. Using them effectively can be a huge boost to your business, especially if you need to invest to fund growth.

Here’s a look at the main elements of the various capital allowances schemes and how your business can qualify to take advantage of them. (more…)

An overview of business expenses

For small business people, the separation between “allowable” and “non-allowable” expenses is complex. This guide aims to provide an overview of business expenses, with links to further resources which provide more in-depth information.
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