I’ve learnt a lot about research and development tax credits from my new associate GGTC so, not wanting to waste all this new found knowledge, last week I presented all my findings to the assembled at the GIMA Business Meeting. It was surprising to find so many senior managers and directors who were simply not aware of the scheme, or at lease have no appreciation of how it might apply to their businesses.
We hear so much in the press about personal tax avoidance schemes, and even more about how some of the big multinational corporations account for the profits in order to minimize the tax they pay. No-one seems to want to talk about the good news – in fact many small businesses can claim significant tax allowances on all their development and innovation expenditure if only they knew how.
My new associate business, GGTC specialize in R&D tax credits as well as providing advice on tax savings in the patent box scheme and how to maximize capital allowances on commercial property. It’s been a real eye opener learning about these money saving schemes and I hope that my clients will soon start to benefit from their advice if they are not already claiming what they’re due!
You can see the full presentation in the link below, but if you are short of time and want to know a little more, just give me a call or drop me a line and I can give you the headlines in 2 minutes. It’s shocking that only 20% of eligible companies are claiming their allowances – make sure you find out if your could be saving a chunk from your annual corporation tax!