At Pierce we understand that the prime function of a business is not to complete tax returns! However it is important for businesses to remain compliant with the miles of red tape imposed on them.
We can offer practical, proactive assistance by completing your partnership, corporation tax and VAT returns. We also have many years of experience of dealing with construction industry returns and status applications.
Once the red tape is taken care of we can help your business plan to minimise tax by advising on capital allowances, research and development, company cars and vans and much more.
The current Capital Allowance legislation is changing rapidly and growing in complexity in the UK. It has never been more important to seek professional advice on how to maximise tax relief on capital expenditure.
Company vehicles are quickly becoming a major source of expenditure for many businesses, especially with the rising company car tax costs. Our team can also advise you on how to maximise your Capital Allowance claim on company vehicle purchases.
Is a substantial portion of your businesses capital investment tied up in property? With our wealth of experience in property capital allowances and property development businesses we can help your business release the maximum tax relief from your property.
In a drive to encourage businesses to invest in energy-saving plant and machinery and low emission cars the Enhanced Capital Allowance (ECA) scheme was introduced. 100 per cent tax relief is currently available for eligible purchases.
Our research and development specialist can also give you advice on claiming enhanced tax relief on capital expenditure for R & D.
If you are planning any substantial capital purchases contact our tax department to ensure that you do not miss out on this golden tax planning opportunity.
Research and Development
How do tax savings of 43.7 per cent on corporation tax profits sound?
Contrary to popular belief, research and development is not just performed in laboratories; your companies’ activities may qualify.
Government policy to incentivise businesses to invest in Research and Development has never been greater. Changes announced in the 2015 Budget mean that for every £10,000 spent on qualifying activities in research and development projects, corporation tax savings of up to £4,370 can be achieved.
At Pierce, we are continuously reviewing projects undertaken by our clients to ensure that the generous benefits available in this relief are diverted back to them.
We want to ensure that you and your businesses are benefiting from research and development tax claims wherever possible. With the Patent Box Scheme just around the corner, there is no better time to consider if your innovations can deliver fantastic corporation tax savings to your company.
10 per cent corporation tax rate to be phased in
Profits earned after 1 April 2013 on patented and certain other innovations will potentially enable companies to apply a lower rate of corporation tax to relevant profits.
The relief will be phased in over a five year period from 1 April 2013, and will ultimately allow for a lower corporation tax rate of 10 per cent to be applied to Patent Box profits.
Your company can benefit from the Patent Box if it is liable to corporation tax and makes a profit from exploiting patented inventions.
Only UK IPO, EPO and certain other EEA countries registered Patents will be eligible for Patent Box. However, the worldwide income relating to the related qualifying income will be eligible for Patent Box.
There are complex areas of the legislation upon which your company will require advice, including:-
- Meeting the qualifying development criteria
- Exclusively licensing-in patents
- Identifying relevant Intellectual Property Income
- Modifying accounting software to stream qualifying profits.
The Patent Box legislation is a natural extension to the R & D Scheme and extends Government’s policy to enhancing the competitiveness of the UK Tax System for high-tech companies.