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R&D Tax Relief For The Audio And Visual Industry

Does your UK business operate within the Audio and Visual sector? Are you looking for assistance with claiming R & D Tax Credits? Our specialist tax panel members can help.

Advancement in Information Technology has a direct impact on the Audio and Visual world compared to any other sector in the business arena. It would be a very lonely and awkwardly quiet world without audio and visual equipment both in our homes and at the office. From simple earphones and TV screens at home to video conferencing and projection screens at the office, it is clear that the audio and visual sector has an important role to play in our day to day life.

Companies are making millions in revenue while trying to satisfy the demand for audio and visual accessories to their customers. But despite this financial success, companies always welcome a chance to save some money. And this is where Audio and Visual Research and Development tax relief comes in.


What is Audio and visual R&D tax relief?

Whatever cash and resources a company spends to finance research and development geared towards understanding their customers' needs and bettering their audio and visual product is subject to audio and visual R&D tax relief. The government, through offering tax relief, is looking to motivate companies to conduct more research and development with the aim of further improving technology.

Companies in the UK can enjoy knowing that regardless of whether their research and development projects bear fruit or not, they will be rewarded. This is on the condition that they can prove that they spent time and resources on those projects.

Despite this incentive being active and available for over 15 years, numerous companies are inadequately informed about R&D tax relief and do not know whether they qualify or not. As a result, they end up missing out on a substantial amount of cash in form of tax relief. In fact, a company can claim up to 33.35% of the total amount of cash they spend on research and development.

Some companies are well aware of the tax incentive with a whopping £2 billion making it back in form of claims each year.

The government was initially focused on cushioning the SMEs but in 2002, large companies also stood a chance to benefit from R&D tax relief. Small and Medium enterprises otherwise known as SMEs are each getting £46,000 in claims every year. Under the Research and Development Expenditure Credit Scheme (RDEC) large companies register a net benefit of 8.8% after tax.


Do you qualify for audio and visual R&D tax relief?

The ability for an audio and visual company to prove that it was not working on a ready product that was already in the market but was instead working on new technology and testing to see how well it works is a strong qualification checkpoint for you to present your claim for R&D tax relief.

Each company, however young or successful has questions they need to be answered with an aim to advance their products and services.

If your company is focused on channelling money and resources towards new activities that seek to advance technology, you instantly qualify for audio and visual R&D tax relief. You may have no idea what you will find out and you know that you are taking a risk by conducting this research.

In addition, experts and staff in your company are working tirelessly to innovate and improve a certain product or service. Such points are a good indication that you are eligible for Research and Development tax relief also known as R&D tax relief.


Are you a large company or an SME?

Note that there are two types of companies under which you can file for audio and visual R&D tax relief, they include large companies or SMEs. If you are wondering where you fit in, here are some checkpoints to help you understand.

• Your company has a total of 500 or fewer employees
• Your company turnover is below €100 million
• Your company’s gross assets are below €86 million

If the above points fit the description of your company then you fall under SME. If your company surpasses the above thresholds, then you qualify as a large company.

For SMEs that have had research and development activities and have made profits, they are allowed to claim 26% of their expenditure. On the other hand, if the SME conducted research and development projects but ended up making losses, you are entitled to a claim of up to 33.35% of your expenditure.

If you are a large company or an SME, contact us using the quick enquiry form.

Our panel can rid you of the burden of having to sift through tons of paperwork. We have a group of experts ready to dedicate their time and energy to help analyse your future projects. Don’t forget to fill in our onsite form, to get in touch with our readily available panel of experts.

They give you estimates on how much money you can expect to spend and thereafter prepare reports that help you to successfully forward your claim.

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