Member offer: Grant Thornton R&D tax incentives
The Confederation has entered into an agreement with Grant Thornton to help members access and unlock value from innovation tax incentives, in particular:
- R&D Tax Incentives: topical updates and opportunities, current HMRC topics and areas under consultation.
- Patent Box: the opportunity to reduce the Corporation Tax on profits attributed to patented inventions.
The UK Government is keen to drive innovation, productivity gains and economic growth. To help achieve this, established tax incentives are available to generate a significant cash reward to support innovation. However, many companies which are investing in obtaining patent protection or conducting research and development (R&D) are still not taking advantage of these valuable cash incentives or not aware of pertinent changes to reliefs.
In particular, during Covid-19 there are a number of considerations where other government support has been taken. R&D tax incentives are potentially available irrespective of whether the company is profitable or making losses. The average SME cash benefit is approximately £54,000 per annum, and higher for larger companies. This can help to reduce your tax cost or secure a significant cash payment into the business.
For more information and to take advantage of the BCC member offer contact Jon Flitney.