Innovative Incentives and Reliefs
R&D tax relief aims to reward UK companies for investing in innovation. Companies can claim a generous cash tax benefit of up to approximately 25% of their qualifying R&D expenditure from HMRC.
The Creative Industries Reliefs offer various specific incentives to eligible businesses in the creative industry. For instance, video games relief allows for an additional relief of up to 80% of qualifying expenditures against taxable profits!
The patent box regime is designed to promote the development, marketing, and retention of innovative products within the UK economy. It offers a reduced corporation tax rate of 10% on qualifying profits related to patented inventions.
Innovative Incentives and Xperta Consultancy
There is significant potential to identify R&D activities in various sectors, including construction, food, distribution, and retail. HMRC’s R&D criteria are broad, meaning that any company that addresses scientific or technological uncertainties may qualify for R&D tax relief, regardless of its size or sector. This can involve:
- Developing new products, processes, or services, which need not be groundbreaking innovations.
- Modifying or significantly improving existing products, processes, or services.
Statistics indicate that R&D, patent box, and creative industry reliefs are often overlooked by companies and their advisors due to a lack of awareness about qualifying expenditure criteria, resulting in missed opportunities for substantial claims.
Our R&D and innovation tax team collaborates closely with you to tailor a strategy for maximizing R&D and other innovation tax relief claims. Our experts assess your company’s activities to identify opportunities for tax relief through relevant innovation schemes. We have established a robust claim methodology and handle the administrative aspects of the claim process from start to finish, allowing you to focus on managing your business.
At Xperta Consultancy , we believe in transparent pricing and operate on a fixed fee basis rather than charging a percentage of tax savings. We provide ongoing support and guidance on maintaining thorough record-keeping to streamline the claim process and ensure efficiency.