What’s so good about R&D tax relief?

The R&D tax relief is aimed at entities that are registered for UK corporation tax, so primarily UK companies. The relief itself is administered through the company corporation tax filing regime. What are some of the key benefits? Cash paid to companies that are pre-revenue and / or loss-making to reward them for undertaking R&D … Read moreWhat’s so good about R&D tax relief?

GF012: SEIS / EIS advance assurance tax tips for Film Production companies

In this edition of the Get Funded! podcast we cover some additional tips for film production companies that may be seeking advance assurance from HM Revenue & Customs that they are a qualifying company for the purposes of raising funding under SEIS / EIS. Further info to enclose for SEIS or EIS film company HMRC … Read moreGF012: SEIS / EIS advance assurance tax tips for Film Production companies

GF010 – What trades qualify for SEIS / EIS + potential problems for software (saas) companies!

Get Funded! podcast covering SEIS and EIS

In this episode of the Get Funded! podcast we cover the types of trades that qualify for funding under the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS).

We discuss the HMRC excluded activities list that you need to check to confirm that your proposed trade is not listed i.e. excluded. If not, then you should be okay.

There is a relaxation for these excluded activities to be included within your trade although it must not amount to a ‘substantial’ proportion of your overall trade. ‘Substantial’ for these purposes is deemed to amount to no more than 20%. The HMRC advance assurance procedure would be key in these circumstances.

We pay particular attention to the potential problem for software companies (particularly software-as-a-service (Saas) based companies) given that the receipt of royalties or licence fee income IS an excluded activity. There is a carve-out from this exclusion for companies that create the whole or greater part of the underlying asset that generates the licence or royalty fee income –  most software companies rely on this exemption to qualify for SEIS / EIS – but there are some further traps for the unwary….

Summer Budget 2015: Key tax changes for entrepreneurs

Listen to an audio version of this Summary Budget 2015 round up of the key tax changes impacting on entrepreneurs or read the text version below: An audio download link is available at the end of this post! Reduction in Corporation tax Continuing George Osborne’s pledge to make the UK one of the single most … Read moreSummer Budget 2015: Key tax changes for entrepreneurs

£400,000+ R&D tax credits cash in one week

It has been a busy week at ip tax solutions with three R&D tax credit claims securing a total of over £400,000 of R&D tax credits landing in just one week! The successful companies are all technology companies building new software platforms based from Manchester to London. The claims were agreed within 28 days without query … Read more£400,000+ R&D tax credits cash in one week

VAT MOSS: A new VAT MeSS for ambitious digital, tech & creatives

Unless you’ve been hiding under a rock someplace, you will have heard the screeches of uproar regarding the new VAT rules introduced from 1 January 2015 in relation to the supply of ‘electronic services’. Coined a #VATMESS on Twitter, this is all part of an exercise to ‘harmonise’ EU VAT rules to prevent unfair competition … Read moreVAT MOSS: A new VAT MeSS for ambitious digital, tech & creatives

Can I raise funding under both the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS)?

The quick answer is YES – you can raise funding under both SEIS and EIS but there are some important points to watch including: If you wish to raise cash under both schemes, you must issue shares under SEIS before EIS. You can’t raise money and issue shares under EIS and then seek to raise … Read moreCan I raise funding under both the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS)?

R&D tax: 5 common misconceptions

I could probably give you 25 misconceptions that I hear on a daily basis but, for now, here are 5 common misconceptions regarding the UK R&D tax relief: “You need to have paid corporation tax to receive an R&D tax credit cash payment from HMRC” – wrong! HMRC will help you supplement your development costs … Read moreR&D tax: 5 common misconceptions

Ticking the UK patent box

The Patent Box lands in the UK on 1 April 2013 as part of the government’s bid to make the UK a more attractive and globally competitive place to do business. I won’t dish out the detail of the patent box right now suffice to say that it will provide a lower rate of UK … Read moreTicking the UK patent box