Members of the Finance Focus Group gathered at Clarkson Evans for our quarterly meeting.
We were welcomed by Lindsey Young COO of Clarkson Evans and we had an update from Tony Solomon from GEMs on thier new project for employment. The GEM Project aims to engage with and support individuals within Gloucestershire who are currently dealing with circumstances that are potentially causing barriers to work and move these people closer towards education, training, volunteering or work, including self-employment.
Tony extended an invite to join them as we work together to make Gloucestershire a beacon for inclusivity in the UK with the launch of their fresh campaign to inspire and support employers in realising the benefits of embedding a diverse and inclusive workforce.
Tuesday 21st April 2020 9am until 12.15pm Business School, University of Gloucestershire, Oxstalls Campus, Gloucester, GL2 9HW
We then went on to hear from the team at Crowe about:
- IR35
- Tax Updates
- Residential CGT payment date
- Car benefit changes
- R&D Tax Credits
R&D Tax Credits are a tax break put in place by the UK Government. They let you reclaim up to 33% of your R&D costs, even if your project failed. In practice, SMEs both profitable and loss-making can get back up to 33% of the amount they’ve spent on qualifying R&D.In 2016/17 50,455 companies made R&D claims
Small and medium sized enterprises (SME) R&D Relief
You can claim SME R&D relief if you’re a SME with:
- less than 500 staff
- a turnover of under 100 million euros or a balance sheet total under 86 million euros
You may need to include linked companies and partnerships when you work out if you’re a SME.
SME R&D relief allows companies to:
- deduct an extra 130% of their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make a total 230% deduction
- claim a tax credit if the company is loss making, worth up to 14.5% of the surrenderable loss
41% of R&D claims made by companies less than 10 years old
Crowe made 175 claims in 18/19 saving tax of £9.5m
Slides available on the Asset Bank: https://www.circle2success.com/asset/
Join us with Crowe for the debunk of the next Budget on the 20th March at Hatherley Manor.
