The data of the National Statistical Office (ONS) indicates that more than a third (36 %) of all small and medium enterprises throughout the country participate in innovative activities.
Nevertheless, it seems less than 6 % to make research and development tax claims. This means that companies that meet the terms of the qualifiers and strict tax standards for research and development may have lost claims worth tens of thousands of pounds.
Search, which was conducted by accountants of small business, WillersIt also highlights major regional differences. Buckinghamshire stands out as a region with possible tax savings – companies usually provide 138,000 pounds on average.
Berkshire ranks second in terms of potential savings, but it seems that less than 5 % of her participating work in innovation claims to be claiming to claim Reducing the research and development tax. Oxfordshire, a famous boycott as a center of innovation, sees similarly that 893 (6 %) of its innovative works make claims.
The research highlights the possible opportunity for small and medium -sized companies in the UK qualified to reduce their tax obligations. Given the increasing tax burden that many companies have incurred since the epidemic, the vast and complex nature of the UK tax system, which benefits from all tax methods that are legally available as a way to reduce the burden is crucial and expanded for both startups and expanding their scope. Reviewing whether the organization meets the qualification criteria for these inscriptions is an important part of business planning.
The burden of legislation, owners of projects and owners cannot be denied, but this should not be an obstacle to growth. Octive business owners may understand that pre -emptive tax planning is likely to be necessary. Employment with an early tax advisor can provide a work that is likely to be the thousands of his tax bill.
These professionals will conduct a comprehensive review to determine any applicable allowances, separators, and applicable patterns as part of the implementation of a long -term financial strategy. This includes, but not limited to, improving capital allowances, reviewing bonus packages, and ensuring compliance with the latest regulations. By doing this, you can reduce your tax obligations while creating a solid foundation for sustainable growth.
Contact Willers tax advisors to discuss Work objectives.