COVID-19 Business Response Hub

Tax Advisory

COVID-19 and your business.

Welcome to Wilson Partners’ COVID-19 Business Support Hub. This page is dedicated to business owners and entrepreneurs looking for solutions to the current crisis. For many of you, particularly younger businesses, this will be the first big economic shock you’ve experienced – but for even the most seasoned of us, the business world at large finds itself in the most extraordinary and uncharted territory.

Understand the financial support and plan, plan, plan

For many businesses the impact has been immediate, for others it is not quite business as usual, but they are at least continuing with their workload, but for all of us we are united in uncertainty. The most important thing to do is to make sure you understand what support is available and plan according to your current situation, the financial support you can get and for differing scenarios – and keep revisiting these scenarios to align them with the reality.

How can Wilson Partners help you?

For many businesses the impact has been immediate, for others it is not quite business as usual, but they are at least continuing with their workload, but for all of us we are united in uncertainty. The most important thing to do is to make sure you understand what support is available and plan according to your current situation, the financial support you can get and for differing scenarios – and keep revisiting these scenarios to align them with the reality.

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COVID-19 and my business FAQ’s

A government backed tax incentive scheme whereby companies can receive benefit for expenditure on developing new products, services and processes.

The tax definition very different from the accounting definition and is much broader. The government define R&D for tax purposes as work carried out that seeks to achieve an advancement in science or technology where the chance of success is uncertain.

As you would expect, highly technical projects qualify for R&D tax credits but due to the broad definition, qualifying projects can also be as simple as merging two IT systems or improving a production process. So it’s important to review all projects.

SME’s will get an additional 130% tax deduction for qualifying expenditure, so for every £100 spent on R&D, you will get a £230 tax deduction.
Where the company has unrelieved trading losses, they can surrender the enhanced R&D tax relief for a repayable credit of 14.5%. So this gives a £33 repayable credit for every £100 of qualifying spend.

Employee and subcontractor costs generally make up the majority of an R&D claim. Certain consumables and a portion of admin costs can also sometimes be included. It is important that staff time spent on projects is recorded accurately to increase the robustness of the claim.

Companies have up to two years after the year end to make a claim.

We can work with your technical teams to identify the qualifying work carried out by the company, and then work with the finance team to identify the costs and make sure we maximise the consumables and indirect costs.

Call us on 01628 770 770 for a no-obligation chat