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R&D in Software Development: overcoming the challenges

As everyday processes become increasingly digitised, businesses continue to invest in software and IT to evolve and streamline how they operate. This has without a doubt become a priority for many businesses when responding to COVID-19, as they’ve need to cleverly, and rapidly, adapt their systems to overcome sudden challenges produced by the pandemic. Needless……

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Claiming Capital Allowances for Commercial Property – the complexities advisors face

Capital Allowances (CA) are the hidden gem of UK corporation tax, providing a vital opportunity to offset some of the costs of a business. Although many tax advisors and accountants dealing with business tax are already accustomed to managing CA, the introduction of new and complex rules over the last decade has made calculating allowances……

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R&D Tax Credits & COVID-19 support routes: what businesses need to know

Thousands of businesses are in the process of receiving generous relief from HMRC’s research and development (R&D) tax credit scheme right now – a welcome source of funding for many in this challenging climate. As many UK businesses are aware, a full range of support measures have also been made available in response to COVID-19.……

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Incentives available for innovative businesses following Budget 2020

The new Conservative Government was expected to provide stimulus for UK businesses operating outside the EU post-Brexit and measures to support innovation were announced in Rishi Sunak’s first budget.   In summary, research and development expenditure (RDEC) rate has increased from 12% to 13% from 1 April 2020, public research and development (R&D) investment will be……

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How R&D Tax Credits can provide financial support for your business

R&D Tax Credits are a government-backed incentive that have been around for about 20 years, offering lucrative cash rebates to companies overcoming challenges in their work. For many businesses under extreme cash flow stress during these uncertain times, an R&D claim that was previously overlooked (or they simply weren’t aware of) could be worth looking……

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Covid 19 Financial Updates

Matt Parrett is the tax director and founder of Tax Shop Accountants. This separate blog provides up to date information on government assistance available to small businesses in response to the Covid-19 pandemic. Sections in red are taken directly from the HMRC website. https://taxshopcovid19.blogspot.com/    …

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Innovation within the Food and Beverage Industry

R&D Tax Credits for Food and Drink Manufacturers The food and beverage industry is worth hundreds of millions of pounds a year and is the largest manufacturing sector in the UK. There is substantial pressure on companies to offer food and drink that costs less, is healthier, longer-lasting and more ethically produced than ever before.……

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Qualifying for R&D in the Engineering Sector

How can engineering companies benefit from R&D tax credits? Research and Development (R&D) tax credits have been around for 20 years and offer vital financial support across the engineering sector, as well as many other UK industries. The incentive is designed to encourage innovation and increase spending on R&D activities. Companies involved in all aspects……

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Hidden R&D in Manufacturing

What manufacturers should understand about R&D It’s often easier to identify innovation with a new product, so it’s no surprise that many manufacturing companies are carrying out work that qualifies for research and development (R&D) tax credits.  In fact, the manufacturing industry is one of the sectors making the highest number of claims overall. Businesses……

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R&D Tax Relief Fit for a Digital Age

The UK’s research and development (R&D) tax relief system helps encourage advancements in many different industries and disciplines. Billions of pounds’ worth of claims are approved each year, providing vital support to companies that have invested in innovation. But it’s not enough, according to measures of R&D as a percentage of GDP. In a report……

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Where is the R&D in Architecture?

Architecture shapes the world we live in. From schools to libraries, our homes to our workplaces, every building we inhabit in one way or another influences our way of living. The UK is renown on the world stage for its pioneering architecture, with some the best international practices based here. Such architects have helped to……

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Why should I use R&D specialists instead of my accountant?

Why should I use R&D specialists instead of my accountant? Prospective clients ask us this question a lot. We can understand why; accountants often tell businesses they can claim research and development (R&D) tax credits on their behalf at minimal cost. Some firms may even offer this service for free. Surely, you just have to……

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Why are construction companies missing out on R&D?

As a proportion of GDP, construction is the UK’s second largest sector. Yet when it comes to claiming R&D tax credits, construction ranks second from lowest in the table. Is it really due to a lack of innovation – or are construction firms missing out? If statistics on R&D tax credits are taken at face……

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R&D Tax Credits for SMEs are changing

The UK’s research and development (R&D) tax credits scheme has been a boon for innovation in science and technology. Nearly £2 billion is awarded to SMEs alone each year, encouraging investment in new processes, products and services. R&D is essential to a thriving economy and any work that seeks to resolve scientific or technological uncertainty……

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‘A Year of Awakening’ for R&D in Fast Fashion

Fast fashion has changed the face of the high street and revolutionised consumers’ relationships with their wardrobes. Companies have employed innovative techniques to bring affordable styles from the catwalk to the shelves (or the web) quickly and efficiently, which has helped make fast fashion one of retail’s fastest-growing areas. The UK fashion industry as a……

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