Facebook - Shropshire Business Twitter - Shropshire Business LinkedIn - Shropshire Business
https://www.lblaw.co.uk https://www.connexis.co.uk

Claims could be business lifeline

Tax experts from a Shropshire firm say businesses struggling in today’s unprecedented times could be missing out on a vital lifeline.

Francesca Hutcheson, tax director at Dyke Yaxley Chartered Accountants, in Shrewsbury, said the ever-changing and fast-moving Coronavirus situation was proving to be an incredibly tough challenge for companies.

“The Chancellor, Rishi Sunak, has now announced a wide-ranging package of emergency measures aimed at providing grants and loans to support businesses through this crisis. But at some point, those loans will need to be repaid. In the meantime, businesses should continue to look at how they can manage their short-to-medium term cash-flow, and a successful research and development claim can often be a key step.

“It can unlock a valuable tax refund in return for a relatively low investment of time, and generally speaking, any business that is developing new products or improving existing products and processes is likely to qualify for the relief.”

Mrs Hutcheson said for a loss-making business, every £100 of qualifying expenditure could potentially generate up to £33 of cash for the company, and the latest payouts had been made more quickly in recent weeks after HM Revenue and Customs increased the speed of the repayment process.

“At Dyke Yaxley, our dedicated tax specialists are hugely experienced in making R&D claims across a wide range of sectors, including software start-ups, food manufacturers, construction, the automotive industry, and many more. And in fact, our latest success included the case of a manufacturing business in south Shropshire who had previously been told they were not eligible to claim the enhanced tax relief, and yet we secured an £80,000 payout from HMRC on their behalf.”

Mrs Hutcheson said it was important for businesses to act as soon as possible in order to minimise any potential cash-flow difficulties.

“The sooner you seek professional advice, the sooner you will find out if you’re able to make a claim. And particularly in the current climate, our team can guide you through the claims process without the need for face-to-face meetings, with minimal input from your company, so that you can focus on the day-to-day running of your business.”

https://www.birminghambiz.co.uk

Century of success for accountancy firm

Customer service is key to ongoing development and growth

27th November 2019

Businesses adapt to life under lockdown

Experts say some clients have discovered new opportunities

30th April 2020

Deadline warning for self-employed

Third round of vital grant support will soon come to an end

22nd January 2021

Finance is key to smooth transition

Businesses urged to make sure their finances are in best possible shape

15th May 2020

Covid support could be open to more people

Change in criteria means self-employed who missed out previously may qualify

28th April 2021

New rules for online retailers

Businesses must prepare for tax changes

10th November 2020

Careful preparation is key

Businesses warned even stricter Coronavirus conditions will follow

20th March 2020

Call for employers to take on apprentices

College urges firms to take up funding opportunities

23rd July 2020

Rules change over import tax charges

Retailers can now take responsibility for additional costs

15th July 2021

House buyers face tax increase

Warning that rule changes could be costly

30th June 2021

Self-employed will face new tax rules

Accountant warns changes come into force next month

10th March 2021

Company vehicles cause tax confusion

Business people need to know the rules

24th November 2020

Marie achieves her lifetime ambition

Dyke Yaxley Chartered Accountants have a new MD

1st May 2019

Festive feet forward for charity fundraisers

12k of Christmas campaign kicks off

2nd December 2019

Scammers target tax deadline

Tax specialists warn of increased criminal activity

27th January 2021