Tax Insight UK
Location Surrey Technology Centre 40 Occam Road Guildford GU2 7YG
Contact Details Contact : Maria Kitt , Corporation Tax Partner Tel : 01483 685 185 Mobile : 07583 036 956 Email : info @ tax-insight . co . uk Website : www . TaxInsightUK . com
RESEARCH & DEVELOPMENT TAX CREDITS : 2016 UPDATE
Funding for innovation UK Tax relief for R & D is generous and lacks the complexity and IP requirements of many other EEA and US tax incentives . Tax Insight UK are experts in maximising funding for innovation and members of UKSPA . Using an expert will typically recover at least 30 % more in valuable funding .
Facts More than 15,000 UK companies claimed R & D tax reliefs in 2013 . HMRC paid over £ 1.4bn to research and technology companies supporting costs of around £ 14bn .
When the reliefs began in 2000 / 2002 , just 1,000 claims were made , largely from pure science and research companies .
Trends show that there are still 1 in 3 eligible companies not claiming the reliefs due and 1 in 2 that claim less than is on offer or have claims that are rejected by HMRC . Leaving cash on the table can be an expensive mistake . Tax Insight take over large numbers of claims where Accountants have under claimed .
At a Glance 2016 UK Reliefs for R & D : SME tax credit ** 14.5 % SME tax relief ** 230 % Large Co tax credit 11 % Large Co tax relief 130 %* * Abolished from 01 April 2016 ** Not taxable
Latest Developments
• Introduction of cash credit for large companies
• Large increases in the SME cash back credit
• Simplifying the red tape for loss making SME ’ s
• Abolishing the ‘ PAYE ’ cap that tied relief into payroll ceilings
• Creative Sector Reliefs for Gaming tech and TV / Animation Companies
• Raised awareness of valid tax reliefs and support for innovators
• Uplifted EEA support through grants and competitions ( Horizon 2020 etc .)
• HMRC Consultation
Working closely with consultative groups and HM Treasury , our Partner , Maria Kitt has lobbied constantly on behalf of UKSPA to simplify and enhance R & D reliefs over the years .
2016 2016 marks our 25th anniversary . We are celebrating 25 years of advice and support to the scientific and research community .
Using in house expertise at Partner level means that we get to know our clients really well forging excellent long term relationships .
We have been able to assist many emerging technologies secure funding for commercialisation from SME ’ s to large global plc ’ s .
HMRC Track Record Our bona fide 100 % success rate has helped literally hundreds of scientific , research and tech companies obtain funding with certainty and speed . Our staff have extensive HMRC experience and are part of HMRC ’ s own working committee on corporate tax .
Tax Insight Team Our team is headed by Maria Kitt ( Author : UK R & D Tax Reliefs – Bloomsbury Professional Press 2014 ).
Maria is one of the UK ’ s leading authorities on UK Research and Development tax reliefs and brings a wealth of UK and international tax experience from a wide range of specialist industries . Maria lectures widely to accountants and in house R & D teams and writes regularly for the press on corporate tax issues and opportunities .
Business Affiliates UKSPA Directory 2016 / 17 265