We bring you the best possible solutions for your Innovations with R&D.
The Potential of Tax Savings:
An Example
Let’s illustrate the potential tax savings using a simple example:
Imagine Company A spends £100,000 on a project that qualifies for R&D tax relief. Under the current HMRC rules for SMEs, they can claim 130% of that cost, bringing the total to £130,000. When combined with the original spend, this results in a total deduction of £230,000 from the company’s taxable profits.
If Company A is profit-making, this can reduce their corporation tax bill significantly. If they are loss-making, they can choose to surrender their losses in return for a cash credit from HMRC.
In real terms, Company A could potentially save or reclaim thousands in tax, all while furthering innovation.
With Clearcut Accounting
by your side, you can navigate the complexities of taxation with confidence and foresight.
Eligibility Assessment
We’ll review your projects and expenditures to determine your eligibility for R&D tax relief.
Liaison with HMRC
From initial submission to any inquiries, we handle all interactions with HMRC, ensuring your claim is processed smoothly.
Comprehensive Claims
Our experts will methodically compile and maximise your claim, ensuring all qualifying costs are included.
Future Planning
We’ll offer strategies to optimise your future R&D projects and expenditures for maximum tax efficiency.
Clearcut Accounting was the missing piece of the puzzle.
Our GP practice has been working with Clearcut Accounting for our accounting needs and we couldn’t be happier with the level of service and expertise they provide. They have a deep understanding of the healthcare industry and the specific financial and compliance needs of GP practices. Their tailored approach and attention to detail have been instrumental in helping us make informed decisions and grow our business. They are always available to answer our questions and provide support when needed. We highly recommend their services to other GP practices.
Dr. S Abdi
GP practice– Liverpool
Clearcut Accounting has been a lifesaver for my growing business.
Working with my accountant at Clearcut Accounting has been a pleasure for our bakery business. They have a deep understanding of the unique financial and compliance needs of the food industry. Their advice and guidance on cost management, tax planning and compliance has been invaluable in helping us make informed decisions and grow our business. They are always available to answer our questions and provide support when needed. I highly recommend their services to other bakery and food business owners.
Stephanie Hughes
Founder – Vanilla
Great benefits from Clearcut Accounting.
Experience the benefits of our professional accounting services: accuracy, efficiency, compliance, real-time data, improved cash flow, expert guidance, personalized service, and more.
Offers comprehensive and accurate accountancy services, ensuring compliance with The UK Tax laws.
- Get peace of mind knowing that your financial records are accurate and up-to-date.
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Streamline your financial processes and improve efficiency.
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Stay up-to-date with the latest accounting trends and best practices.
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Experience the benefits of working with a reliable and reputable accounting firm.
