For both individuals and small businesses, tax reliefs can help reduce the amount of income tax owed. Most tax reliefs apply to a person's total income, more than just a person's salary.
Income can include money from various sources like interest on savings accounts, gifts, and the taxable value of employer-provided fringe benefits like parking permits or gym memberships. Tax reliefs can reduce the amount of that income taxed; sometimes, they eliminate the income tax that would otherwise be owed.
R&D Tax
The R&D Tax Relief Grant Scheme encourages companies to develop their innovative ideas and pass on their research and development (R&D) benefits to the UK economy.
The R&D Tax Incentive enables organisations to claim a cash grant of up to 43.5% of the total approved claim, including entities who have not previously claimed the non-refundable tax offset. The objective of this measure is to promote and encourage more companies to innovate and develop new and improved products and processes, which will lead to more new jobs and higher exports.
Check These Reasons Why
We provide an array of services. Payroll & Tax service, Accounts Preparation and Bookkeeping, Business Plans and Business Start-up Packages, and Business and Personal Tax Returns and ‘Hassle Free’ Tax Planning.