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News & Insights

April 9, 2019 by Tania Toriello Leave a Comment

R&D (Research & Development) is a tax relief scheme which was introduced by the Government in 2000 to help and reward innovative businesses thus allowing them to progress.

What is R&D?

R&D takes all allowable expenditure incurred during the R&D project and allows you to gross it up by 130% meaning you can effectively deduct 230% of relevant costs from your profits. This equates to more than double of the allowable expenditure incurred.

Qualifying expenditure includes raw materials, staff costs, subcontractor costs and apportionments of overheads that are relevant to the R&D project. Loss making companies also benefit as they can opt for a cash payment of 14.5% of the losses made which increased from 11% as of 1st April 2014.

The R&D claim is submitted with a written report outlining why the project(s) undertaken qualify for R&D and backing schedules with details of costs incurred.

How far back can you claim R&D tax relief?

You have two years from the end of your accounting period to submit an R&D tax credit claim for any qualifying expenditure that you’ve identified during that period. This is because R&D tax credits are a Corporation Tax relief and the deadline for amending your Corporation Tax return is typically 24 months after the end of your accounting period.

Who qualifies for R&D?

The main requirement for a successful R&D claim is that your company is undertaking work which seeks to achieve an advance in science or technology.

The activities that directly contribute to achieving this advance in science or technology through the resolution of scientific or technological uncertainty are also eligible for R&D relief.

The common misconception is that the R&D tax relief only applies to those companies working in a scientific sector. In actual fact any sector could qualify for R&D relief if they can prove the project lead to an improvement in that field.

Here are some examples:

  • Food & drink
  • Pharmaceuticals
  • Electronics and Electricals
  • Engineering
  • Foundries
  • Software & IT
  • Manufacturing
  • Chemicals & Glues
  • Waste Recycling Plants
  • Video Games Development

If you think your company could be eligible for R&D tax relief, there are a number of things that we can help you do in order to maximise your R&D claim.

These include:

  • Collecting information on what R&D projects you have done or will be doing so that we can advise whether you qualify for R&D relief.
  • Establish what costs were incurred during the R&D projects and ensure you have the evidence for these in the event that HMRC request further information.

If you would like to speak to us regarding R&D tax reliefs and whether you would be eligible, please contact us using the details below:

01908 219100

enquiries@advaloremgroup.uk

Filed Under: News & Insights, R&D, SME Business Tagged With: R&D

November 26, 2018 by Tania Toriello Leave a Comment

Xero love making improvements, especially to make your experience even more simple and beautiful.

So, what’s new to Xero’s navigation bar?

Since receiving feedback from accountants, bookkeepers and other business users, Xero came to a conclusion that it was time to improve it’s navigation, making it easier, faster and more efficient for everyone to get on with their daily tasks.

The biggest enhancement is the way the accounting tools have been separated from the business features you use.

Click here to take a closer look at the improvements in Xero’s video guide.

Everyday activities have now been logically grouped, making it easier for a business user raise invoices and input bills on the go.

Business

The business menu contains the tools that you use the most, such as invoicing, bills and expenses. If you are searching for ‘inventory,’ it has now been renamed as ‘products and services’.

Accounting

The accounting menu contains the advisory and compliance tools, including bank accounts, reports and advanced accounting tools and settings, such as chart of accounts, manual journals and find and recode.

All reports, tools or settings that have been set as ‘Favourites’ will now show in the Accounting menu and you’ll be able to set your own favourites simply by selecting any of the options in the Advanced Accounting Settings. This will make it easier to find your favourite and most used reports!

Organisation menu

All information about your business can now be found in one place and that’s under the new organisation menu. You’ll be able to gain access from the top left of the navigation bar, by clicking on your organisation name.

Files and settings are all kept here. Settings are the business tools to get your business set up accurately, such as organisation details, invoice and email settings, users and subscription and billing details for subscribers. More advanced settings will appear in the Accounting menu.

If you run more than one business, you can now switch between the two accounts, saving you time not having to re-login.

Under the new ‘Do more with Xero’ section, you will now be able to connect to third party apps in the App Marketplace or other Xero features like payroll and projects.

If you would like to discuss the new changes to Xero in more detail, please feel free to contact us on the following details:

01908 219100

enquiries@advaloremgroup.uk

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Filed Under: News & Insights, Xero Tagged With: cloud accounting

October 9, 2018 by Tania Toriello Leave a Comment

If you’re wondering whether your business is eligible for an R&D tax claim, then take one step further and find out…

Our dedicated R&D Tax Team have over five years of experience in providing professional and exceptional Tax Relief services to many clients and accountancy practices. Our consultants have a superb working relationship with the R&D offices within HMRC and they will adequately agree and submit the quantum of the claim with HMRC.  We work on a contingent basis, so there is absolutely no financial risk to you and offer no minimum claim level, complete transparency and 100% success based fee structure.

Click here for more information.

So, what are R&D Tax Credits?

R&D Tax Credits are a tax break situated by the UK Government for limited companies paying corporation tax. The R&D reliefs help a range of businesses that work on unconventional projects in sectors such as Science and Technology. For small to medium enterprises (SME’s) the R&D relief enables companies to take off an extra 130% of their qualifying costs from their annual profit, as well as the standard 100% deduction, giving you an overall total of 230% deduction. The costs that can be claimed include consumable items, staff costs, subcontractor costs and other overheads that are applicable to the R&D project. On the other hand, if you’re a loss making SME, you can still claim 14.5% cash credit into your bank and if your project was unsuccessful, there is still a possibility of making a claim on the losses made.

Are you eligible for R&D Tax Relief?

Most companies think that R&D tax claims are only limited to specific sectors, original ideas and completely new products, but that is not always true. The principle requirement for a successful R&D claim is if your business is undertaking work which directly makes a boost in human knowledge. If your business is taking a chance by enhancing, innovating or developing a process, service or product, then there is a high possibility of your business qualifying for R&D tax credits. Common sectors like Science and Technology are known to be  more beneficial in getting a tax credit, but Ad Valorem have proven to have successful claims in the following sectors:

  • Manufacturing
  • Energy & Renewables
  • Software
  • Food & Drink
  • Mechanical & Automotive Engineering
  • Electronics
  • Robotics
  • Digital Media
  • Health & Safety
  • Animation

Statistics show that the R&D Tax Relief Scheme has been existing for over 15 years and almost £2bn per year is currently being claimed. Ordinarily, SME’s are claiming £46,000 each per annum.

Click here to find out more information.

How do I claim?

Our tax consultants will fill in all the necessary paperwork, make the claim through your company’s tax return and then submit an R&D tax claim report to HMRC for assessment.

Usually, the process can take as little as four weeks from initial meeting to receipt of confirmation from HMRC. There is also no minimum claim level and no requirement for a multi-year tie-in agreement.

Therefore, if you believe that your company may be eligible for R&D tax relief, then please let us know.

Contact:

Duncan Bruce – Sales & Marketing Director

duncan@advaloremgroup.uk

01908 219114

Filed Under: Innovation, News & Insights, SME Business, Staff - Tax Team, Tax Tagged With: R&D

September 18, 2018 by Geof Feiven Leave a Comment

MTD will soon be upon us. Are you ready for April 2019?

Many people are afraid to move away from their existing accounting software; as they are satisfied and familiar with the usability of it. However, as MTD (Making Tax Digital) is soon to be upon us, it may be time for a change. If you want your business to operate quickly, smartly and much more efficiently, then Xero will be your answer. Xero is considered as the UK’s top leading cloud accountancy software systems currently on the market and with the help of our specialist cloud department (AV Cloud) and expertise, we will ensure you’ll have a clear and more desirable overview of your current financial position. It provides real-time information, accessible from anywhere and at any time.

So, how does the conversion work?

There are various ways of converting your accounting information onto Xero. ‘MoveMyBooks’ was purposely designed to transfer data efficiently and more at ease for those utilising either QuickBooks desktop/online and Sage50.

MoveMyBooks will allow us to follow an easy, step-by-step process of simply collecting your source data, adding a new account in Xero and then moving it all to your new online account. We will then wait for a confirmation email to come through and confirm the conversion has successfully been completed.

So, what will be converted?

The software will move the Chart of Accounts, Customer data, Supplier data and individual transactions for the current and previous accounting years. It will also transfer all the nominal/general ledgers as well as keeping all the customer and supplier balances identical.

On the other hand, if you have never used a software system to record all your workings on and have preferred to produce them manually onto Excel spreadsheets. Converting your data onto Xero is even easier. The process simply consists of downloading a CSV template, arranging all your information to correspond to the format of the template and then this will be imported onto Xero.

If you want to have a 30 day free trial run on Xero – click on the link and give it a go. click here

For more information about converting your accounting information onto this beautiful accounting software or to simply know the benefits of utilising Xero. Then, please feel free to contact us with no hesitation.

Our contact details are as follows:

01908 219100

enquiries@advaloremgroup.uk

For more information about AV Cloud click here

 

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Filed Under: Cloud Accounting, News & Insights, Uncategorized Tagged With: cloud accounting

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