Is your farming or horticultural company innovating to improve your business?

This could mean that you can claim research and development (R&D) tax relief… R&D is not only done by scientists and computer specialists.

Any innovation aimed at “making an advance in science or technology” can lead to tax relief. The project does not even have to work.

If your company pays corporation tax, you could get a reduction to your taxable profits of up to 230% of the R&D spend.

If your company is making losses at the moment and is small or medium sized, it may be possible to get up to one third of your R&D costs as a payable credit from HMRC.

If it is your first claim, it is possible to look at the previous 2 sets of accounts as well as the current ones.

R&D claims can be tricky and we can help you! 

Our agricultural and horticultural team of Christine Deacon and Melanie Phillips would be happy to help you!  You can call us on 01243 782 423 or head to our contact form and we’ll be in touch!

Have you got the cashflow that you need ?

Most blogs will talk about the bank loans you can get to recover from Covid 19, but what other sources of money are there to help your cashflow?

• First of all is tax reclaims on losses. If you are a company and have lost £100,000 this year, and you made £100,000 the previous year, potentially by carrying back your losses, we can get you a tax refund of £19,000. The figures for a sole trader or partnership may be even more dramatic. So if this could apply to you, we can get your accounts and tax computations prepared as soon as possible, so your tax refund claim can be made and the refund in your bank account.
• Secondly for limited companies is Research and Development tax credits. Lots of our  clients embrace innovation, so have the potential to claim R and D tax credits of up to a third of the relevant expenditure. To help our clients on this we are offering a free meeting to discuss the possibility of an R and D claim.
• The third thing to look at is how much are your accounting systems costing you? We are still taking on clients with old fashioned accounting   systems that not only cost too much in terms of licence fees, but also absorb way too much of your staff’s time. Our IT people would be happy to introduce you to how a modern system works for you.

Our agricultural and horticultural team of Christine Deacon and Melanie Phillips would be happy to help with any of the above, or if you are being forced down the bank loan route will support you with preparing a quality cashflow.

You can call us on 01243 782 423 or head to our contact form and we’ll be in touch!