Given the challenging circumstances that we find ourselves in at present there is nothing more certain for businesses than the mantra “Cash is King”. There are many ways to achieve this including cash support, waived business rates and grants from central and local governments etc. HMRC will play their part at this critical stage – R&D Tax Credits, VAT holidays and of course capital allowances can all deliver cash back into your business.
Clearly businesses will curb discretionary spend on projects more so now than in most people’s living memories. Obtaining cash from HMRC goes some way to achieving this.
No one knows how long this will last, so if you have a quiet moment now may be the time to check that you have maximised your capital allowances on historic expenditure, whether that’s a fit out, property purchase or new build project. Check every pound of tax saving has been claimed – don’t assume it has - in many cases it hasn’t.
If expenditure relates to last year or even further back a review – in most cases there are no time limits for this exercise – may well lead to a tax repayment. Recent projects show a large number of businesses have under claimed by more than 10% leading to £10m of additional tax savings.
How to make this happen?
We can explore this with you using technology, such as Microsoft Teams or an old school phone call.
And what about site visits? – clearly travel is not possible, however if you’ve got some basic site information and can spare a quick walk round the site using Teams, we can record the details from afar and certainly look at preparing a claim.
How long will this take? – we have turned claims around within a week – clearly some information will need to be provided, however we will move as quickly as possible.
What’s to lose here except cash?
For more information get in touch with Jeremy Chapman.