Do I Qualify?

We specialise in innovation tax incentive claims

At Innovation Tax, we specialise in compiling innovation tax claims and are here to help businesses identify and boost their entitlement to these incentives.

Our primary focus is to support UK businesses in successfully acquiring innovation incentives. Therefore, if your business qualifies for relief under the R&D Tax Credits, Capital Allowances or Patent Box legislation, you can be assured of the quality and compliance of our deliverables.

Our Finance & Tax professionals, Technical Experts and Surveyors have a profound understanding of the legislation and its extensive application to businesses across all sectors.

R&D Tax Credits – Do I Qualify?

To satisfy the eligibility requirements for R&D Tax Credits, you must:

  • Be a UK Limited company, and liable to pay Corporation Tax;
  • Have traded for at least 12 months;
  • Have carried out qualifying research and development activities;
  • Have incurred expenditure on those projects; and
  • Have borne the financial risk in the event of project failure

 

You can recover up to 33% of your development costs invested in innovation and advances in product, process and software development.

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Capital Allowances – Do I Qualify?

To qualify for Capital Allowances tax relief, clients must comply with the following HMRC guidelines;

  • They must be a UK taxpayer (Individuals, Partnerships and Limited Companies all qualify)
  • They must own the asset
  • Incur qualifying expenditure
  • The relevant expenditure must be capitalised
  • The property must be used in pursuit of a trade and not be owned by a trust/pension fund

For the purposes of the scheme, qualifying expenditure includes the purchase price of the premises, together with the costs of any refurbishment, alteration, renovation or extension relating to it and of any Plant and Machinery purchases.

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Patent Box – Do I Qualify?

Irrespective of the size or sector of your business, you can benefit from the Patent Box scheme if your company owns or exclusively licenses-in patents granted by either:

  • The UK Intellectual Property Office
  • The European Patent Office
  • Countries in the European Economic Area: Austria, Bulgaria, Czech Republic, Denmark, Estonia, Finland, Germany, Hungary, Poland, Portugal, Romania, Slovakia, Sweden

The following conditions also need to be satisfied:

  • Your business must be liable for Corporation Tax in the UK and be making profits
  • Been trading for at least 1 year and have elected into the Patent Box scheme
  • Fulfilled “development” and/or “active ownership” conditions
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