Did UK Chancellor, Philip Hammond deliver a good or bad budget 2017 for your business?
We’ve selected a handful of points from Budget 2017 to highlight that could be useful for your business.
R&D tax credits: The government will be publishing measures aimed at reducing the administrative burden for businesses.
Welcome news for us and our customers. It means with the correct and skilfully completed tax credits claim the money is now easier to obtain. The scheme offers an ideal opportunity for a business developing new services, procedures, products, software or hardware to reclaim valuable funds that can assist with further development or directly assist in improving the bottom line.
Learn more about R&D Tax Credits
Making tax digital: Businesses with a turnover that is less than the VAT registration threshold (currently £83,000) will have the introduction of quarterly digital reporting delayed by 12 months.
A breathing space to the inevitable online reporting of the self-employed, sole traders, etc.
Business rates in England: There will be further consultation on possible measures to reform the business rate revaluation process. In the meantime, three measures relating to business rates were announced:-
- businesses coming out of small business rate relief will have an additional cap meaning that any bill increase for the next year will not be more than £50 a month
- a £1,000 discount will be introduced in 2017 for pubs with a rateable value of less than £100,000
- a £300 million discretionary fund will be made available to local authorities to target individual businesses that are struggling with rate rises.
Corporation tax: will fall to 19% from April this year – the lowest in the G20. By 2020 it will fall to 17%
Overall, there are some chinks of light for business in what is currently an uncertain path through the post-Brexit tunnel. What’s critical is utilising the benefits being made available especially the R&D Tax Credits. Datafox can help you fuel your business with your entitled tax relief.
Start your Research and Development Tax Credits Claim now.