Is your business missing out on tax breaks?
by R&D Tax Boutique , Aug 21
The Yorkshire Mafia – the North of England’s biggest business-to-business membership group – has announced a number of new partnerships designed to help its members.
Among the latest is R&D Tax Boutique Ltd, a business that says many companies who could benefit the most from claiming certain tax and capital allowances are missing out.
Shaun Sagar, co-founder of R&D Tax Boutique along with Rob Lee, explained: “Some businesses will understandably say they feel daunted by the complexities of particular tax regimes, tax relief and grant funding. We are convinced that the benefits of the Innovation Taxes Regime (R&D Tax Credit claims, Patent Box Tax Relief and Grant Funding) and certain Accelerated Capital Allowances are not being correctly explained to those that could benefit the most.
“It’s estimated that fewer than 20% of companies that can claim actually do so. Some estimates put this as low as 5%. Of those that do, many claim less than they could. I want to make sure that everyone who could benefit from these generous Government incentives does so.”
R&D Tax Boutique was formed by Shaun who sought out the help of Rob Lee as an expert in the field. Shaun has been sales director at several chartered accountants and R&D tax specialists. Rob is a fellow of the Chartered Institute of Management Accountants and has many years’ experience in Innovation Taxes regime and Accelerated Capital Allowances. Together with their team of associates, the business aims to help companies maximise their claims and make the process as easy as possible.
When asked why so few business people claimed, Shaun said: “A big factor is that it is seen as effectively ‘free money’ and that puts a lot of business people on their guard. People say to us all the time ‘why would the Government give away this money?’ The reason is that the Government is playing the long game. They will help people to grow their businesses so they pay more taxes in the future.
“This is where the Innovation Taxes Regime comes in. A recent HMRC study found that for every £1 of tax, £1.53 to £2.35 of Research and Development is stimulated. That is a major driver of any modern economy. It creates more growth, more jobs and therefore more taxes.”
If you would like to see if you can claim, or for a free no obligation discussion, contact:
Shaun Sagar, Director, Tel: 07534 500634
Or email [email protected]