Barringtons Chartered Accountants in Nantwich is urging businesses not to miss out on the incentives available to those investing in scientific or technology advancements.
The company, based on Beam Heath business park, hopes to make companies aware of the HMRC Corporation Tax incentives on offer to those investing in scientific or technology advancements.
Barringtons tax director Andrew Wilshaw (pictured) said: “Many people believe this relief is for companies who undertake scientific research in a laboratory.
“Although these companies often do qualify, there are many other companies who may not realise they could benefit from this generous tax relief. Any company which has a project that is seeking to achieve an advancement of knowledge or capability in a field of science or technology may be able to claim research and development (R&D) tax relief.”
Projects that could qualify for additional tax relief include software development, automation, development of new materials, development of innovative formulas, improved processes, new and improved products, development of environmental products.
Mr Wilshaw added: “The types of costs that usually qualify are staff costs, software or consumables and sub-contracted R&D costs. Any expenditure that directly relates to the R&D projects is given an additional 130% deduction on the Corporation Tax return. The company saves corporation tax on this deduction, the current rate being 19%.
“Loss making companies can also claim and receive a tax repayment of 14.5% of the qualifying expenditure.”
For more information contact Barringtons in Nantwich on email advice@barringtons.co.uk or call 0800 019 1744.