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Tax allowances, reliefs and exemptions

Helping you make the most of the tax incentives available to you

Tax allowance advice

Make savings where you can

We all have to pay tax, of course. But there’s a range of tax allowances, reliefs and exemptions, which are there to be used.

We can advise you on what’s due to you, helping reduce your tax liability.

Understanding the bigger tax picture

Below, are just a few of the many types of tax allowances, reliefs and exemptions you could be eligible for. We can help you understand all the options available, and take the steps you need to ensure your company qualifies for the appropriate relief.

Here are three examples of tax relief schemes that could save you a significant amount of money:

Patent Box tax relief

In April 2013, legislation came into effect allowing companies to pay a lower rate of Corporation Tax on profits earned from patented products and innovations.

The reduced rate of 10% is being phased in from 2013 to 2017. If you want to benefit from this, there’s no box to tick on the Corporation Tax return – instead, you need to achieve the lower rate by subtracting an additional trading deduction from your profits.

To qualify for Patent Box tax relief, your company must own or exclusively licence-in patents granted by an eligible body, such as the UK Intellectual Property Office, the European Patent Office, or patent offices in certain EEA countries. You’ll also need to have made a significant contribution to either the creation or development of the patented invention, or a product incorporating the patented invention.

It can be quite a complex task to identify all the income streams from a patented product or process, and to secure the maximum tax relief. We can help you navigate your way around patent box tax relief, and ensure you don’t miss any opportunities for tax savings.

Research and development tax relief or credits

If your business is involved in innovation, you could benefit from research and development (R&D) tax relief or tax credits.

As a small or medium-sized business, you can deduct 230% of qualifying R&D expenditure from taxable profits. Large companies can claim a taxable credit of 12%. Depending on whether your company is profit or loss-making, the credit may be used to reduce your tax liability or result in a cash repayment.

Understanding the ins and outs can be difficult – which is where we can help. Our team of tax consultants has the specific experience to help you keep your tax liabilities to a minimum and can also help you access finance against your claim.

Agricultural property and business property relief (APR and BPR)

Relief from Inheritance Tax can be very valuable – and agricultural and business property reliefs could significantly reduce your liability. We can help you understand the implications of this type of tax relief and determine whether you meet the conditions.

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