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Programme Tax refunds or tax credits
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Tax Refunds or Tax Credits
ProgrammeSnapshot
| Category: | Tax breaks | National: | 11 |
|---|---|---|---|
| Regional: | 23 | Amounts: | £3,500 - £2 million |
Getting money is obviously beneficial. Not having to pay it out amounts to the same thing and can even be better. The government offers a variety of programmes that decrease your tax burden, including programmes that provide a lower tax rate for small businesses, award tax credits for hiring eligible apprentices, and provide investment tax credits for qualified expenditures in R&D.
For example, the Research and Development Tax Credit for SME's programme is a national tax incentive programme to encourage UK businesses of all sizes and in all sectors to conduct research and development in the UK that will lead to new, improved, or technologically advanced products or processes.
Consider the advantages for those projects that qualify. UK-controlled private corporations can earn a tax credit of up to 125 percent of qualified expenditures for R&D carried out in the UK. You receive a full tax deduction in the year you incur the expenses. You may even be able to carry over R&D deductions to subsequent years.
And what if your project is a dud? Even if the R&D is ultimately unsuccessful, you have still earned the credits.
Finally, if the project is something you are going to do anyway, filing for your tax claim is a no-brainer… it is free money back!
Find out if you qualify for Tax Refunds or Tax Credits
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