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Coronavirus Support: The time to apply for R&D tax relief

Many businesses would benefit in either a reduction in tax or a cash payment in these difficult times.

Has your business undertaken the development or improvement of new products and/ or processes, including any significant costs in relation to internal operational software development and integration? If yes, you may qualify for the Research and Development (R&D) tax scheme.

R&D tax relief allows companies to deduct an extra 130% of their qualifying costs from their yearly profit to make a total 230% deduction.

You could also claim a tax credit if the company is loss making, worth up to 14.5% of the surrenderable loss. A potential cash injection which would be beneficial in times that companies are facing financial hardship as a result of COVID-19.

For more information get in contact today at hello@spurlingcannon.co.uk

All Authors | Post by: Sophie Grant

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