Direct: 01792 410110 Mobile: 07557 503140 ………………………………....………….. R&D Tax Relief 25 th June 2014.

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Presentation transcript:

Direct: Mobile: ………………………………....………….. R&D Tax Relief 25 th June 2014

Direct: Mobile: ………………………………....………….. Benefits of the R&D Tax Relief Schemes What is R&D for Tax Purposes? Categories of Qualifying R&D Expenditure Potential Lost Opportunities Areas to be covered

Direct: Mobile: ………………………………....………….. Benefits of the R&D Tax Relief Schemes

Direct: Mobile: ………………………………....………….. Enhanced R&D Tax Deduction Extra (>100%) tax deduction for companies on total volume of qualifying revenue R&D expenditure SME scheme: -75% enhanced tax deduction prior to 1 April Increased to 100% from 1 April Increased to 125% since 1 April 2012 Large company schemes: - 30% enhanced tax deduction -“Above the line” R&D expenditure credits introduced for expenditure incurred since 1 April 2013

Direct: Mobile: ………………………………....………….. Tax Free Cash Receipt Actual tax free cash receipts may be claimed SME scheme – Loss making companies: -Approximately 25p in the £ prior to 1 April Increased to approximately 33p in the £ since 1 April 2014 PAYE/NIC cap was removed for accounting periods ending on or after 1 April 2012 Large company schemes – Companies without an outstanding tax liability: -Approximately 8p in the £ since 1 April 2013 PAYE/NIC cap applies under large company schemes

Direct: Mobile: ………………………………....………….. Tax Free Cash Receipt (cont.) Hence, for expenditure incurred since 1 April 2013 ALL companies can potentially claim actual tax free cash from HMRC. This includes: -Large companies; -SMEs who have received grant funding; and -SMEs who are carrying out R&D activities for another qualifying person

Direct: Mobile: ………………………………....………….. What is R&D for Tax Purposes?

Direct: Mobile: ………………………………....………….. Has your company, or a company you act for: Developed a new or improved product or process (or attempted to) during the last few years? If the answer is yes (or maybe), the company could have undertaken qualifying R&D activities To qualify the work should be a: - Puzzle - Conundrum - Challenge - Problem

Direct: Mobile: ………………………………....………….. Categories of Qualifying R&D Expenditure

Direct: Mobile: ………………………………....………….. 1.Staffing costs 2.Contracted out R&D activities 3.Externally Provided Workers (for instance, agency workers) 4.Consumables 5.Computer software 6.Power, fuel and water 7.Payments to the subjects of clinical trials

Direct: Mobile: ………………………………....………….. Potential Lost Opportunities

Direct: Mobile: ………………………………....………….. Not realising the company is undertaking qualifying R&D activities Not realising certain projects and/or activities qualify as R&D for tax purposes Believing the receipt of a grant prevents the company from making an R&D claim Believing the receipt of a grant by an SME prevents the company from making an R&D claim under the SME scheme for any of its activities Not claiming R&D relief for certain activities that might be deemed to be production by some Not claiming relief for Qualifying Indirect Activities Not making a claim on the basis it is thought that it would be too onerous a process