Product development - Tax planning for growing businesses
The key relief in this area is Research and Development tax credit. This provides for tax relief on, broadly, relevant salaries and consumables at 125% or 150% of spend, depending on the number of employees and whether or not your company is large by Companies Act definitions.
The legislation additionally provides for capital allowances at 100% on R&D equipment.
To see if your product creation and/or development would qualify, you should look at the DTS and HMRC websites: links may be found at http://www.hmrc.gov.uk/randd/
For further details see our detailed note on Research & Development Tax Credits.
Date: 2nd April, 2007
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole