BMTA are working with Innovation Tax; a specialist tax consultancy who are solely devoted to helping companies access Government funding in the form of tax incentives and reliefs such as R&D Tax Credits, Capital Allowances, Patent Box and Grants.
Innovation Tax help member companies assess their entitlement to new and existing support measures and, if appropriate, assist with the application of funding. They do this using their experienced team of technical and taxation specialists, many of whom have engineering or research backgrounds across multiple industry sectors.
BMTA members will benefit from free advice, support and guidance with practical and actional assistance from the team at Innovation Tax. If an opportunity to claim funding is identified, fees will be calculated as a % of the benefit members receive.
R&D TAX CREDITS
R&D Tax Credits is a key part of Government strategy to boost innovation and is a highly rewarding scheme which allows UK companies to reduce their Corporation Tax liability and/or receive a cash injection from HMRC. As the definition of R&D for tax purposes is much broader, it’s not simply about doing an R&D claim but moreover exploring all the activities your business undertakes and identifying your eligibility across each business function.
You can recover up to 33% of your development costs invested in innovation and advances in products, processes, materials and software development.
An important aspect of making an R&D Tax Credit claim is establishing all qualifying activities and associated expenditure for the period(s) for which a claim is being made, ensuring that the technical and financial reports are fully aligned with the legislative criteria and detailed information is provided to HMRC in support of the claim being made. This is an area in which Innovation Tax can add significant value to members, by carrying out a full independent assessment of the work carried out and ensuring the claim is robust and fully maximised.
ALREADY CLAIMING R&D TAX CREDITS?
If you’re already claiming R&D Tax Credits, they may still be able to help. Using their team of technical and taxation specialists along with their senior management team who each have in excess 8 years’ tax incentives experience, they have found as many as 70% of companies already claiming are not fully maximising their qualifying entitlement; using the expertise from Innovation Tax could ensure you claim the maximum amount available, significantly increasing the benefit you receive.
Download the R&D Tax Credit Fact Sheet by completing the below form
CAPITAL ALLOWANCES
Capital Allowances is the main form of tax relief for expenditure incurred on tangible fixed asset investments and enables companies and individuals to offset these costs against the taxable profits of the trade, reducing the amount of corporation or personal tax which is payable. The allowances are usually offset against taxable profits over several years, depending upon the type of allowances claimed.
Asset depreciation is not an allowable deduction when calculating profits for tax purposes (and must be added back to the net profit on the tax return); Capital Allowances Tax Relief can be claimed on most assets purchased for use within the business, ranging from machinery to investments in commercial property.
Typical allowances range between 15% and 35% of the acquisition cost of the property.
Innovation Tax have helped their clients secure millions of £’s of unclaimed Capital Allowances tax relief and our specialist expertise and knowledge of the Capital Allowance legislation ensures our clients benefit from the best advice possible.
Download the Capital Allowance Fact Sheet by completing the below form
PATENT BOX
Patent Box aims to create a competitive tax environment for companies to develop and exploit patents, supporting business investment and growth to retain the best technologies and inventions in the UK.
If your business has any pending or granted patents, you could be eligible for a significant tax saving, whereby profits from the patented products (and/or processes) will qualify for a reduced corporation tax rate of just 10%.
The specialist IP team at Innovation Tax will work with you to assess your entitlement and claim the tax relief on your behalf by;
- Identifying qualifying Patent Box product and/or process patent(s)
- Mapping sales by qualifying / non-qualifying IP and advising on the potential to maximise the % proportion of qualifying sales
- Electing you into the Patent Box scheme
- Reviewing prior R&D Tax Credit claims, so identifying opportunities to maximise relief under both schemes
- Compiling and submitting your Patent Box claim reports to HMRC
- Agreeing your claim with HMRC and obtaining your tax benefit
Download the Patent Box Fact Sheet by completing the below form
GRANT FUNDING
Grants provide a valuable source of Government support for businesses across a wide range of sectors with varying requirements and funding amounts.
INDUSTRIAL STRATEGY CHALLENGE FUND
The UK Government’s Industrial Strategy Challenge Fund aims to bring together Britain’s world-leading research base and their best businesses to transform how we live, work and move around. The fund is delivered by UK Research and Innovation and is part of Government’s 4-year, £4.7 billion investment in R&D that will support the delivery of its modern Industrial Strategy.
SMALL BUSINESS RESEARCH INITIATIVE
SBRI is a cross-Government programme managed by Innovate UK (the UK’s innovation agency) which enables small businesses to bid for Government contracts to develop new products and solutions for the public sector. SBRI plays a vital role in supporting small businesses to commercialise their innovative ideas.
INNOVATE UK
Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK Government. Since 2007, around £2.5 billion has been invested to help businesses across the country to innovate, with match funding from industry taking the total value of projects above £4.3 billion. Innovate UK have helped c.8,500 organisations create over 70,000 jobs and added an estimated £18 billion of value to the UK economy.
HORIZON 2020
The Horizon 2020 programme was established by the European Union (EU) as a collaborative financial instrument to help secure Europe’s global competitiveness in research and innovation. The programme comes to an end at the end of 2020.
KNOWLEDGE TRANSFER PARTNERSHIP
The Knowledge Transfer Partnership (KTP) scheme helps UK businesses to innovate and grow by linking them with an academic or research organisation and a graduate. A KTP enables a business to bring in both new skills and the latest academic thinking to deliver a specific, strategic innovation project through a knowledge-based partnership.