TaxDigit

Ever wondered about the intricacies of Controlled Foreign Companies (CFCs)? 🤔 These entities, controlled by UK residents, often raise questions about tax implications and potential profit-shifting. 📊 At TaxDigit, we've got the insights to demystify the complexities!

✨ What's a CFC? A CFC is a non-UK resident company controlled by a UK resident individual or company. The concern? Setting up shop in a low-tax haven to redirect profits.

🚀 Our Expertise: Fear not! TaxDigit specialises in navigating the nuances of international tax laws. We're here to guide you through the CFC charge and exemptions, ensuring your business remains compliant and optimised.

🔍 Exemptions Galore! From Exempt Period to Low Profit Margin exemptions, we've got the lowdown on how to navigate the tax landscape.

🌟 Why TaxDigit? Our team of experts is ready to provide personalised advice and assistance. Whether you're in the early stages of setting up a CFC or need help optimising your tax position, we've got your back!

📩 How Can We Assist You? Slide into our DMs or visit our website for a consultation. TaxDigit is your trusted partner in international tax matters. 🌐💼

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When it comes to international taxation and transfer pricing, understanding the rules is key. 📚 Our latest blog post breaks down the UK's Action 13 compliance standards, straight from the OECD playbook!

🔍 What's Inside?
✅ Master Files 📂
✅ Local Files 🌐
✅ Country-by-Country Reports 📊

But here's the scoop – we get that not all businesses are the same size or complexity. 🔄 The Action 13 report recognises this too, emphasising proportionality in your documentation efforts.

🇬🇧 UK-Specific Mandates:
Got consolidated group revenue over €750 million? 📈 HMRC requires a Master File and Local File prep, aligned with the 2022 OECD Transfer Pricing Guidelines. 🗂️ For others, showcasing arm's length standard compliance is key.

🤓 How Can TaxDigit Help?
At TaxDigit, we've got the expertise to guide you through the transfer pricing maze. Whether you're in mandatory documentation territory or want to amp up your game, we're here for you! 💼💡

Drop us a DM for personalised advice and assistance. Let's make your transfer pricing journey smooth and stress-free! 🚀💼

Disclaimer: This post is for informational purposes only. For detailed advice tailored to your business, consult with our experts at TaxDigit.

🛑 What's Thin Capitalisation all about?

When a company provides non-commercial loans to a connected company, it can shift profits by playing with interest payments. The rules are designed to prevent UK companies from enjoying excessive tax relief on such interest payments.

🤝 How can we assist you?

At TaxDigit, we've got your back! 💼 Our experts can provide you with advice and assistance on Thin Capitalisation matters. Whether you're navigating connected company loans or need guidance on interest deductions, we've got the expertise to ensure your business stays on the right side of tax regulations.

📊 Key Points:
👉 Thin Capitalisation prevents excessive tax relief on interest payments.
👉 Rules ensure interest deductions align with commercial lending standards.
👉 HMRC assesses if a company is thinly capitalised by comparing debt to equity.

Ready to dive deeper into Thin Capitalisation? 💡 Let's connect at TaxDigit for tailored advice and expert assistance. 🤓💼

🧮 Did you hear about the UK's proposed Multinational and Domestic Top-Up Taxes? 🌍💰 These measures are set to impact businesses with global revenues over €750m, tackling profit shifting and enhancing the UK's competitiveness. 🚀

Key Points:
✅ Multinational Top-Up Tax on non-UK profits below 15%.
✅ Domestic Top-Up Tax on UK profits below 15%.
✅ Aiming to combat profit shifting and tax planning.

📅 Operative Date: From accounting periods starting on/after Dec 31, 2023.

🔍 Scope: Applies to qualifying multinational and domestic groups.

💡 Curious to learn more? Dive into the details and understand the potential impacts. 💼💬

For expert insights and personalised advice, reach out to TaxDigit. 📞💼 We've got the expertise to navigate these changes and keep your business ahead in the tax game. 🌐🔒

Stay informed, stay ahead! 📈🌐

📊💼✨ Are you prepared for the inevitable? Let's talk about Calculating the Death Estate! ⚖️ On an individual's passing, an inheritance charge arises on the estate's value at death, but fear not – TaxDigit is here to guide you through the process! 💡💰

🏠💔 The value of a taxpayer's final chargeable estate comprises assets at market value, less debts and IHT exemptions. Did you know life insurance policies are valued at payout, not market value? 💭💸 Repayment and interest-only mortgages reduce property value, not the total estate.

💼💰 Invested in a pension fund? Great! It's excluded from the death estate, but watch out for tax-free lump sum withdrawals! 💰💸 Debts incurred before death are deductible – think unpaid tax bills, household bills, and legally enforceable promises.

🌹💔 Reasonable funeral expenses are deductible, but estate administration costs are not. The spouse exemption can ease the tax burden, and we can help with quick succession relief and double tax relief.

⚰️📊 After calculating the chargeable death estate, determine the nil rate band and residence nil rate band for the IHT computation. Tax on the death estate is then paid by the personal representatives. 🤝

Need advice or assistance? TaxDigit is at your service! 📞💼 Let's navigate the complexities of the Death Estate together. 💬📈 💼💰

If the transferor passes away within seven years of making a gift, the tax burden falls on the transferee or the trustees of the trust. Let's break down the steps to calculate the death tax on lifetime transfers:

1️⃣ Identify gifts within the last seven years before death.
2️⃣ Calculate the gross chargeable amount for each gift.
3️⃣ Determine the available Nil Rate Band (NRB).
4️⃣ Calculate the death tax on the excess over the NRB at 40%.
5️⃣ Apply taper relief if the gift was made between 3 and 7 years before death.

Our team at TaxDigit is here to simplify this process for you. We can assist you in understanding and navigating the complexities of Death Tax on Lifetime Transfers. Whether you're a transferee of a PET or a trustee of a CLT, our experts are ready to guide you through the calculation steps and ensure compliance with tax regulations.

Don't let the complexities of tax planning overwhelm you. Reach out to TaxDigit for personalised advice and assistance. 📊💼

💼 Salary vs Dividend: Decoding the Tax Game! 💰

Ever wondered about the nitty-gritty differences between taking a salary and diving into dividends? 🧐 Here's a quick breakdown of the tax implications for both:

💸 Income Tax:

Salary: 20%/40%/45%
Dividend: 0%/8.75%/33.75%/39.35%
🧾 NICs (National Insurance Contributions):

Individual (Class 1 NICs): 13.25%/3.25% on the salary, none on the dividend
Company (Class 1 NICs): 15.05% on the salary (note: the £5,000 employment allowance may not apply if the director is the sole employee)

🏦 Corporation Tax:

Salary and employer NICs are deductible from trading profits
Dividends are not deductible

💰 Pension Contributions:

Salary is considered earned income and relevant earnings for pension contributions
Dividends are not earned income, so they aren't relevant for pension contributions

🤓 Other Considerations:

Bonuses must be paid within 9 months of the end of the accounting period to be deductible
The company must have distributable profits for a dividend to be allowed
Navigating the tax landscape can be tricky, but fear not!

💼📊 At TaxDigit, we've got your back. Need advice or assistance in making the right choices for your income? We're here to help! 💼📈 Drop us a message, and let's make your financial decisions a breeze. 💬💡

📊 Provision of a Loan to a Shareholder 📊

Did you know that providing a loan to a shareholder in a close company triggers specific tax implications? Whether you're a director/employee or not, it's crucial to be aware of the financial landscape. 🧐

📌 Implications for the Company:

A tax charge of 33.75% on the loan amount.
Payable with corporation tax, either nine months and a day after the accounting period or added to tax due by instalments.
Amount considered on the last day of the accounting period or the normal due date.
Small companies repaying within nine months and a day are exempt.
If a loan is written off, the company can reclaim the tax paid, but no deduction for corporation tax.
Individual becomes liable to income tax on the written-off loan, possibly national insurance for employees.

💡 Exceptions for the Company:

No tax charge if the loan is < £15,000.
The individual is a full-time working employee.
The individual owns 5% of shares or less.

📌 Implications for the Shareholder:

No immediate tax implications on the loan.
If written off, the individual incurs income tax, treated as a dividend received.
Class 1 NIC due on the loan write-off if the individual is an employee.
Interest below the official rate of 2% results in a taxable benefit:
For employees, taxed as earnings.
For non-employees, taxed as a dividend distribution.

🤝 Need guidance on navigating these tax intricacies? Our experts at TaxDigit are here to assist you every step of the way! 📊💼

📊 Understanding Tax and Shareholder Benefits 📊

Did you know that providing benefits to shareholders who are employees or directors involves navigating through employment income rules? 🤔 The cost for these benefits is an allowable expense for the company. But what about when the shareholder isn't an employee or director?

Here's the scoop: if a benefit is provided to a shareholder or their associates without an employment relationship, it's treated as a dividend. 📉 The company is deemed to have paid a dividend to the shareholder, calculated based on benefit rules. The catch? No need for distributable reserves, as it's not a genuine dividend.

But wait, there's more! The company can't claim a trading profit deduction for the benefit cost, as it's considered a dividend. The shareholder is then taxed in the year the benefit is provided. The first £2,000 of dividend income falls under the dividend nil rate band, while the excess is taxed at 8.75%, 33.75%, or 39.35% based on other income.

Feeling lost in the tax maze? 🧩 We've got your back! 💼 Reach out to TaxDigit for expert advice and assistance in navigating the intricacies of shareholder benefits. 🚀 Your financial clarity is just a message away! 💬

📣 Considering selling your business? Whether you're a sole trader or a shareholder, navigating the complexities of a business sale requires careful planning. Here's a quick overview of key points to consider for both scenarios:

🌐 Sale of a Sole Trader Business:

Closing Year Basis Period Rules: Apply for tax considerations.
Tax Implications: Stop paying income tax and NICs.
Asset Sale: Land, buildings, and goodwill sold at market value, triggering capital gains.
Business Asset Disposal Relief: Possible 10% tax rate on gains.
VAT: Transfer of going concern rules apply. Consider VAT registration changes.

🏢 Sale of Shares in a Limited Company:

For the Individual:

CGT Liability: Capital Gains Tax on share disposal.
Relief Options: Business asset disposal relief and gift relief may apply.

For the Company:

Continued Trading: The company carries on its operations.
Capital Allowances: Continue as normal with no disposals.
Trading Losses: Stay within the company.

For the Buyer:

VAT: Shares are exempt.
Stamp Duty: Paid by the purchaser at 0.5% of the consideration for shares.

📈 Need expert advice and assistance in navigating the intricacies of selling your business? Look no further! TaxDigit is here to help. 💼✨Reach out to us for personalised assistance and take the next step towards your business goals.

Did you know about these exemptions for lifetime transfers? 💸 Here's a quick rundown:

🌟 Normal Expenditure Out of Income:
Gifts made out of current income are IHT exempt! Conditions include regular giving patterns and no adverse impact on the transferor's lifestyle. Ideal for those with substantial regular income.

🎁 Small Gifts Exemption:
Lifetime transfers under £250 to an individual are exempt. Perfect for parents or grandparents making regular small gifts to their loved ones. Note: Doesn't apply to gifts exceeding £250 or gifts to trusts.

💒 Gifts in Consideration of Marriage:
Planning a wedding? Enjoy exemptions up to £5,000 for parents, £2,500 for more remote ancestors, and £1,000 for others. Must be in consideration of the marriage. Deductible from larger gifts!

💼 Annual Exemption:
The first £3,000 of lifetime transfers in a tax year are exempt. If unused, it can be carried forward for one year, maxing out at £6,000. Note: Deducted last if multiple exemptions apply to the same transfer.

Need assistance navigating these exemptions or more tax advice? 🤔💼 We've got your back at TaxDigit! 📊💡 Let us guide you through the complexities. Drop us a DM for personalised assistance. Your financial peace of mind is just a message away! 🚀📩

Ever wondered about the intricacies of Inheritance Tax (IHT) when it comes to spousal transfers? 🤔 Look no further! 👫💍

Did you know that spouses or civil partners are considered separate entities for IHT, just like for income tax and CGT? Each spouse is entitled to individual IHT exemptions and the nil rate band. Transfers between spouses during their lifetime or on death are entirely exempt from IHT! 🎉

Implications include:
1️⃣ The first spouse can leave their entire estate to the surviving spouse free of IHT.
2️⃣ Property can be transferred between spouses without incurring IHT or CGT.

Remember, this exemption applies to the full value of transfers unless the donee spouse/civil partner is not UK domiciled or deemed domiciled.

If the donor is UK domiciled but the donee is not, the exemption is limited to £325,000.

Other Exemptions:

Transfers to UK charities are completely exempt with no maximum limit.
Estates leaving at least 10% to charity benefit from a reduced IHT rate.
Gifts for public benefit or national purposes, such as to museums and art galleries, are also exempt.
Qualifying political party gifts are exempt with no maximum limit. Qualification criteria include election results or votes received.

Wondering how these exemptions apply to your unique situation? We're here to assist you with expert advice and personalised assistance. 🤝💼 Let TaxDigit guide you through the complexities of Inheritance Tax! 💼✨

📩 DM us for further advice and assistance! 📩

Did you know that Inheritance Tax (IHT) is a tax on the transfer of wealth (gifts)? It's a capital tax applied to an individual's accumulated wealth primarily upon their demise. At TaxDigit, we're here to shed light on the nuances of IHT.
🔍 Implications of IHT:
• Charged on some lifetime gifts at the time of the gift.
• Consideration of lifetime gifts within a seven-year accumulation period.
📚 Types of Lifetime Transfers:
1. Chargeable Lifetime Transfers (CLT)
2. Potentially Exempt Transfers (PET)
3. Exempt Transfers
💼 Definition:
• CLT: Tax liable at the time of the gift, with additional IHT if the donor passes away within seven years.
• PET: No lifetime tax, only applies the higher death rate if the donor dies within seven years.
🌐 Scope of the Charge:
• Applies to transfers of chargeable property held by an individual.
• Arises on death, lifetime gifts, and some gifts given in the lifetime into a trust.
🏡 Property for IHT Purposes:
• All property to which a person is beneficially entitled unless it's excluded property.
• Exempt assets for CGT might not be exempt from IHT.
💰 Chargeable Transfer:
• The chargeable amount may be reduced or eliminated by specific IHT exemptions.
📏 Transfer of Value:
• The measure is the diminution in value, usually equal to the market value of the asset transferred.
📆 Occasions of Charge:
• Lifetime IHT, Additional IHT on lifetime transfers arising on death, and IHT on the death estate.
🔄 Lifetime Transfers:
• Exempt transfers, PETs, and CLTs have distinct tax implications.
📞 Contact us at TaxDigit for more information! Understanding IHT is crucial for effective estate planning. Let's navigate this together! 🌐💼

🌐✈️ VAT Landscape: Goods, Services, and International Trade 🌍✨

Hey, business warriors! 🚀 Are you exploring the vast world of international trade? 🌐💼 Look no further! Here's a glimpse into the intricacies of VAT when it comes to Exports, Imports, and International Services. 📊💸

Exports of Goods and Services 🚚🌏
Sending goods or services outside the UK? 👋 Zero-rated supply is your ally! VAT on exported goods and services doesn't apply, giving your business wings to soar globally. 🌍✈️ VAT registered? Reclaim that UK input VAT and keep the momentum going! 💼📈

Import of Goods: Postponed Accounting 📦💳
Importing goods? 🌐 Paying VAT on the spot? Not with Postponed Accounting! 🚀 Declare import VAT on your VAT return, making it a win-win – output VAT equals input VAT. 🔄 For exempt businesses, it's a different story; let's chat for the deets. 🤝📑

Import of Services – International Symphony 🎶💼
Serving international clients or getting services from abroad? 🌍 Know the drill! B2B or B2C, the place of supply matters. 📍 "Reverse charging" is the secret sauce for B2B services, ensuring a level playing field. 🔄💡 For VAT specifics, reach out! 📲💬

Ready to dive deeper? 💡 For more information on tax matters that matter, contact us at TaxDigit. Let's decode the complexities and elevate your global business game! 🚀🌐 💼🌏

📊✨ Did you know that if there's business use of your car, you can reclaim the full input VAT on repairs? 🛠️💰

Here's the fuel scoop: When a business provides free fuel for private journeys, you can recover all input VAT, but there's a twist! 🔄⛽ Private use is accounted for through an output VAT scale charge, based on the car's CO2 emissions and the time period.

This scale charge isn't just for solo acts – it applies to sole traders, partners, employees, and directors alike. 🤝👔 But, wait for it – if the full cost of private use fuel is charged to an employee or director, you can still reclaim input VAT! 🔄💡 Just remember, output VAT is accounted for on the charge to the individual.

Curious to dive deeper into the world of tax and cars? 🚀🔍 For more information, slide into our TaxDigit DMs! 📲💼

📊 Understanding the Capital Goods Scheme is crucial for partially exempt companies. 🏢💻✈️ This scheme deals with input tax recovery on specific capital assets, including land, buildings, computers, ships, and aircraft.

👉 Key points to note:
1️⃣ Assets must cost £250,000 (VAT exclusive) or more (land and buildings) or £50,000 (VAT exclusive) or more (computers, ships, and aircraft).
2️⃣ Capitalisation in the accounts is necessary for the scheme to apply.
3️⃣ The scheme spans VAT years, not accounting years.

⚖️ The Capital Goods Scheme requires adjustments over a specific period, considering changes in the proportion of taxable use. Adjustments differ based on the type of asset:

Land and buildings over £250,000: 10-year adjustment period (or 5 years with a lease < 10 years at acquisition).
Computers and computer equipment over £50,000: 5-year adjustment period.
🔄 Initial VAT recovery is claimed in the quarter of acquisition, with adjustments at the end of the VAT year. The adjustment is made in the second VAT return following the end of the adjustment year.

📈 Sale Adjustments:

Two adjustments (normal and sale) are made if a capital item is sold within the adjustment period.
The sale adjustment follows the normal scheme method for remaining complete years of VAT life.

If the sale is taxable, assume 100% taxable use; if exempt, assume 0% taxable use.
📆 For more detailed information and assistance with the Capital Goods Scheme, please contact us at TaxDigit. 💼🔍 We're here to help you navigate through the complexities and ensure your tax compliance! 📞✉️

Partial Exemption in VAT 📊

Hey entrepreneurs! 💼 Ever wondered about navigating the complex world of VAT when your business deals with both taxable and exempt supplies? 🧐 That's where the concept of partial exemption comes in, and we're here to break it down for you.

In a nutshell, if your business makes a mix of taxable and exempt supplies, you may only recover a portion of your input VAT, with some of it being irrecoverable due to those exempt supplies. 📉 Here's a glimpse into how it works:

🔍 Direct Attribution:
Identify input VAT exclusively used for taxable supplies – fully recoverable. For exempt supplies, that VAT might be irrecoverable.

🤝 Unattributed VAT:
For input VAT related to both taxable and exempt supplies, apportionment is key. Use the standard method or an agreed special method with HMRC to determine recoverable amounts.

📊 De Minimis Limits:
You can reclaim exempt input VAT if it's below £625/month, £1,875/quarter, or £7,500/annum, as long as it's less than 50% of total input VAT. Simplified tests exist for smoother reclaim processes.

🗓️ Annual Test & Adjustment:
Businesses can apply the de minimis test annually if certain criteria are met. An annual adjustment compares provisional recovery with actual recovery, ensuring accuracy.

💼 In TaxDigit, we've got the expertise to guide you through these intricate VAT matters. For more information on partial exemption, recovery percentages, and navigating the VAT landscape, contact us today! 📲

🔍 Exploring the World of VAT: Transfer of Going Concern 🔍

Did you know that not all business sales are subject to VAT? 🧐 If you're involved in the sale or purchase of a business, understanding Transfer of Going Concern (TOGC) is crucial! 🔄

✅ In a TOGC:
1️⃣ VAT is not charged on the sale of business assets.
2️⃣ Conditions apply, such as the purchaser being VAT registered and using the assets in the same type of business.

🏢 If part of the business is sold, it must operate independently, and there should be no significant trading break.

🏠 When it comes to taxable land (e.g., a building with an option to tax):

✔️ If the new owner opts to tax the building, no VAT is charged.
❌ If the election isn't made, VAT must be charged on the building sale.
Curious to learn more or navigating a business transfer? 📩 Contact us at TaxDigit for expert guidance and detailed information! 🤝💼

Late submission of your Corporation Tax Return could lead to serious penalties! 💼 Don't let these penalties drain your hard-earned profits. At TaxDigit, we're here to help you navigate through the complexities and ensure timely filing.

Penalties breakdown:
🕒 Up to 3 months late: £100
🕒 More than 3 months but less than 6 months: £200
🕒 More than 6 months but less than 12 months: £200 + 10% of any unpaid tax
🕒 12 months or more: £200 + 20% of any unpaid tax

But wait, there's more! If it's the third or subsequent consecutive occasion of late filing, the £100 and £200 penalties skyrocket to £500 and £1,000 respectively.

Don't let your business suffer unnecessary financial setbacks. Contact us at TaxDigit for expert guidance on timely Corporation Tax Return submission and avoid these hefty penalties. 📊💰

📥 DM us or visit our website for more information. Let's secure your financial success together! 💼✨

Did you know that providing a loan to a participator in your close company can have significant tax implications? 📉 Whether you're a director, employee, or a shareholder, understanding the tax consequences is crucial.

🔍 TaxDigit can help you navigate through the complexities!

📌 Implications for the Company:
✅ Tax charge of 33.75% on the loan amount.
✅ Paid alongside corporation tax liability.
✅ Exceptions for small companies repaying within nine months.
✅ Reclaimable tax if the loan is repaid or written off.

📌 Implications for the Shareholder:
✅ No immediate tax implications on the loan.
✅ Tax liability if the loan is written off, treated as a dividend.
✅ Class 1 NIC due on write-off if the individual is an employee.
✅ Taxable benefit if the company doesn't charge sufficient interest.

🤝 Connect with TaxDigit for personalised advice and assistance!

💡 Don't let tax complexities catch you off guard. We're here to guide you through every step. Contact us for more information and ensure you're making informed financial decisions. 📞💼

🔍 Exploring the World of VAT: Option to Tax 🌐

Considering renting or selling non-residential property? The Option to Tax (OTT) could be a game-changer! 🏢💼 This allows you to charge VAT on what would otherwise be a VAT-exempt supply, unlocking additional VAT recovery on costs.

📅 The OTT lasts for 20 years once elected, but here's the twist – after this period, income may return to VAT exemption. Understanding the implications is crucial!

💼 Our VAT experts at TaxDigit break down when OTT might be right for you, ensuring you navigate the complexities correctly from the outset.

🤔 Why Consider OTT?
If you're using non-residential property for your business without renting, OTT might not be necessary. However, if renting or selling, weigh the pros and cons with our specialists. OTT turns an exempt supply into a taxable one, allowing VAT recovery on related costs.

💡 Key Factors for Decision:

Do you need to opt?
Was VAT incurred in the purchase?
Is the property subject to the Capital Goods Scheme?
Can the tenant/purchaser recover VAT?

🧐 Expert Guidance Matters:
VAT on property is intricate, and the stakes are high. Trust our VAT team at TaxDigit to guide you through the nuances, ensuring correct treatment and potential VAT savings. Contact us for more information!

💼📈

🚨 Attention Business Owners and Independent Contractors! 🚨

Did you know about the recent changes in HMRC's "off payroll working" rules, formerly known as the "IR35 legislation"? 🧐 These regulations are designed to target personal service companies (PSCs), specifically those where individuals have set up a company to offer their services rather than being employed directly by the client. 📑💼

🚫 Don't get caught off guard! HMRC is closely scrutiniing the nature of the relationship between individual workers and clients, determining if it constitutes employment. If so, anti-avoidance legislation applies to your PSC. The rules have shifted responsibility, with a focus on clients (especially medium/large companies) and their role in decision-making. 🕵️‍♂️🤝

For PSCs serving small clients, the responsibility falls on you to assess if the rules apply. Only 'relevant engagements' are covered, and it's crucial to distinguish them. If applicable, income must be treated as salary, with notional income tax and NICs accounted for by 19 April following the tax year. 🗓️💰

TaxDigit is here to help you navigate through these complexities! 🤝💡 Contact us for more information on how these rules might impact your business and what steps you need to take to stay compliant. 📩📞 Let's ensure your PSC is on the right side of the legislation!

🚀 Exciting News for SMEs! 🚀 Did you know that your small or medium enterprise can supercharge its growth through TaxDigit? 💼✨

🔍 Qualifying R&D Expenditure = 230% Claim! 🔍

If your SME incurs qualifying Research and Development (R&D) expenditure, you can claim an additional 130% on the qualifying costs when calculating your trading profits. That means a whopping 230% claim of your qualifying R&D costs! 🚀💰

To qualify as an SME:
🌐 Fewer than 500 employees
📊 Annual turnover not exceeding £100 million
💵 Annual balance sheet figure not exceeding £86 million

Qualifying R&D expenditure conditions:
🔬 Revenue expenditure (not capital)
🔍 Project advancing science or technology related to the trade
💼 Eligible expenses: Staff costs, software, consumables, clinical trials, subcontracted R&D costs, and externally provided workers.

Even if your SME incurs a loss, you can surrender it for a tax credit (cash payment) of 14.5%! 💸

🚀 Let TaxDigit help you navigate the R&D relief landscape! 🚀 We've got the expertise to maximise your benefits. 💡💼