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MinuteHack.com: How To Grow Profits Without Winning New Clients

Date: July 12, 2019

Plenty of businesses achieve growth by increasing sales. But there are two other ways companies can achieve the same end goal without a single extra customer — and it’s all about maximising profit.

The first is by increasing efficiency, thereby reducing costs. Sometimes this is highly effective but often efficiencies are difficult to achieve without compromising staff morale or quality.So, what else can be explored?

Another way you can increase profits without looking for shortcuts is by claiming tax reliefs. The three main reliefs your business may be entitled to are Research and Development (R&D) tax credits, Patent Box tax relief or Capital Allowances.

In our ten year history, we have helped 14,000 firms claim back a total of £230 million across all three tax relief areas — a significant sum that has boosted company profits without any extra sales. Depending on the nature of your company, you may be eligible for all three.

Here, we will explore how each form of tax relief works and how your business could benefit.

R&D tax relief

This was introduced by the UK government in 2000 to reward and encourage innovation among UK businesses.

HMRC kept the definition of R&D as broad as possible so it could apply across multiple industry sectors. It is defined as work that seeks to resolve a ‘scientific or technological uncertainty’ in the form of a new process, product, service or even an improvement to an existing one. The work does not have to be successful to qualify as it is the innovative process that is being rewarded.

 

Read more here

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