Tax allowances, reliefs and exemptions

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

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

Our Tax team has long-standing experience advising clients on what’s due to them, and helping them to reduce their 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.

Research and development tax relief

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 (or increase your loss). Loss-making companies can claim an R&D tax credit (repayment) of 14.5% or £33.35 for every £100 spent on qualifying R&D expenditure. Large companies can claim a taxable credit of 13%. Depending on whether your company is profit or loss-making, the credit for large companies 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.

Patent box

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.

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.

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.

Keep up-to-date on the latest tax reliefs 

The Price Bailey Content Hub has a wealth of articles relating to tax allowances, reliefs, and exemptions that may be applicable to you. We strive to deliver you content on the latest and most relevant information which can be accessed through our insights page.

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