Facebook - Shropshire Business Twitter - Shropshire Business LinkedIn - Shropshire Business

Limited window for tax relief claims

Shropshire businesses are being urged to grab an unexpected opportunity to maximise tax relief they thought they’d missed out on.

Francesca Hutcheson, from the tax planning team at Dyke Yaxley Chartered Accountants, in Shrewsbury, said a limited window had opened up that many businesses may not realise was available.

She added: “This is a chance for businesses to go back and claim relief for certain business expenses in circumstances where they had previously been denied a deduction.

“HMRC had previously issued guidance on reimbursed employee expenses that seemed unclear and contradictory, and companies who had relied on that advice will now be able to claim for costs which may otherwise have been overlooked.

“But many companies may not even have heard about the opportunity, as HMRC have only announced the revised advice recently, deep within their online guidance, so it would have been very easy to miss.”

Mrs Hutcheson said in the updated guidance, HMRC now said they would accept amendments to historic research and development claims in certain circumstances, as long as the amended claim is submitted by the end of January 2018.

“The policy change means that HMRC are now accepting that certain reimbursed staff expenses will qualify for research and development tax relief purposes.

“Reimbursed employee expenses such as travel and subsistence costs directly linked to research and development activities, are most likely to qualify, but there may well be other costs which meet HMRC’s criteria and could be included within a claim.

“Where you have technical staff travelling to different locations for genuine research and development purposes then the numbers could really start to add up.”

Mrs Hutcheson said the announcement meant that HMRC was now accepting, for a limited time only, amendments to claims from previous years which would otherwise have been timed out.

“The opportunity only applies to accounting periods which ended between October 9, 2014, and January 31, 2016, so it’s important to act fast if you want to avoid missing out.

“Seek professional advice and take the time to revisit your company’s claims for research and development tax relief, to see if you can benefit from this small, but potentially lucrative, window of opportunity.”

Keshia keeps deadline in sight

Taxpayers warned time is running out to file returns

17th January 2020

Deadline warning for flood victims

Businesses urged not to ignore tax responsibilities

26th February 2020

Staff Christmas parties could be good news

Celebrations could bring unexpected tax benefits

13th December 2019

Claims could be business lifeline

Firms may be missing out during pandemic crisis

25th March 2020

Century of success for accountancy firm

Customer service is key to ongoing development and growth

27th November 2019

Beware using personal savings to fund venture

SME owners should try and stay protected, says expert

30th January 2018

Unexpected Christmas gift

Bonuses may qualify for exemption

14th December 2017

Laura joins accountants' corporate team

New recruit welcomed at Dyke Yaxley

26th February 2018

County accountancy firm in expansion move

Dyke Yaxley announces acquisition of Gorman Evans

2nd October 2017

Kick-start for charity appeal

Staff from Dyke Yaxley support cancer charity campaign

8th September 2017

Two new directors join board at Dyke Yaxley

Stacey and Francesca rewarded for service

4th June 2018

Law firm to help schools on GDPR

And accountant issues warning to businesses over the new regulations

23rd April 2018

Accountants pay out to local charities

Lingen Davies and Severn Hospice beneficiaries from Dyke Yaxley fundraising drive

12th July 2017

Firms join forces to help secure deal

Acquisition is a success thanks to partnership working

10th April 2019

New tax partner is appointed

Experienced inspector joins the team

21st August 2018