Are you aware of a Government approved advanced Tax relief that is available to reward you for working on these ideas and solutions?
- For example a company identified that they needed to become more eco-friendly as well as the print industry. To achieve this and be able to meet their customers mailing needs their factory and machinery required significant investment. The goal was to be able to continually innovate with new products to be better at efficiency for both them as a business and for their customers as well as improving their environment impact. As a result, they invested their money to convert to paper and other sustainably sourced recyclable materials. Their innovation has reduced their single-use plastic consumption without compromising on quality or strength.
- Construction companies have been rewarded for using innovative building methods to solve unique problems connected to the site, as well as techniques to improve energy efficiency and safety.
- A brewery is constantly evolving and updating its own-brand recipes with tweaks, trials and experimental brews.
- A large dairy secured enhanced tax relief on costs incurred researching and testing how to extend the shelf life of their products.
- An Electrical Contracting company developing new techniques and bespoke solutions to overcome problems encountered on project installations and designing innovative installations with new technology.
- Insurance brokers and IFA’s installing new software and IT infrastructure had to overcome set up and configuration issues whilst also finding ways of utilising the new software to become more efficient in their service delivery.
As you can see creative ideas are common for any business in any industry.
To help explain this further with an example to highlight the figures you can earn from your creative idea, watch this short video.
There is a government incentive to encourage businesses to invest in improving their products or their business. It is an opportunity to gain real cash back for your business.
The exercise starts with a review of any idea you have created to identify qualifying areas. These can then be expanded and supported by detailed calculations before preparing a detailed report that must be filed with HMRC after being certified by qualified tax experts.
No matter what industry you’re in innovation can happen from manufacturing and automotive to food and drink, construction, delivery and printing. HMRC pays out on projects which:
- Look for an advance in knowledge
- Had to overcome uncertainty
- Tried to overcome this uncertainty
- Could not be easily resolved
If you’re unsure, get in touch and we’ll assess together whether you qualify for the relief.
The process is straight forward for you if undertaken by an experienced team. If not you can incur un-wanted attention from HMRC.
Our tried and tested process works for you as follows:
- Information gathering – To begin we shall discuss what you have been working on and why. What issues had you identified and how you found the solution.
- Identify costs – We would identify and review the qualifying costs of each member of staff involved in the project including any contractors as well as any technology, software or consumable costs that were required to support the project.
- Analysis – We will review all the information gathered and identify whether you have a claim with an estimate of how much that claim can be.
- Report – A detailed report will be prepared to support the claim in line with the legislation and shared with you to ensure you’re happy and the information is correct before forwarding it to HMRC.
- Submission – Once the report has been signed off by yourselves and us, we will take care of the rest. Your report will be submitted to HMRC and we would deal with any questions they may have.
- Tax credit – If your claim is successful you can either receive a reduction in Corporation Tax or a cash repayment directly from HMRC.
Ok, you might be thinking...
‘I’m ready to explore this’ or ‘wonder if your recent changes or developments are eligible’. The next question is why Your Tax Partners?
Your Tax Partners are part of the Mark Holt & Co Group who offer a wide range of services and expertise through our specialist divisions.
As experienced, qualified accountants and tax specialists, we deal with the subtleties of tax day-in, day-out. Our detailed understanding of the system means we can keep your tax liability to a minimum while playing strictly by the rules.
We work for you as one team across the Group, to provide big firm expertise, but with the local firm care and attention.
Every claim is managed by an experienced consultant who advises you on the entire process. Our specialists are confident in the work they undertake, which is why we are happy to carry out a review and you only pay us based on the benefits and the tax we save.
£3,500,000+
Total amount claimed by our Team
Case Studies
Sharing with you why we are different and why you should choose us does have its problems as anyone can say the same. So we must find ways to show you what we do.
We can work with you on a fixed price fee for the claim, or a percentage of the tax savings achieved, depending on your preference. A 15 minute phone call will usually enable us to give a good indication of whether a claim might work for your business, before we start getting into the detailed work or agreeing the basis on which we are paid. You have nothing to lose by making a call.
Problem solving is an everyday issue for most businesses, but careful analysis of the spend, a clear description of the work done and the objectives and benefits may often lead to a much greater tax saving on money you have already spent
But beware…
Challenges now come along later from HMRC so make sure you get your advice from a reputable tax specialist that knows what they are doing.
Ready to start earning more from your creative ideas?
If you are ready to earn more money from your creative ideas, fill out the form below and we will be in touch.