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Are you missing out on valuable R & D Tax Relief or Capital Allowances?

  • 20th October 2020

The world of Covid-19 has thrown us all into turmoil. Whilst we have all been trying to make sense of the ever changing rules around who can do what, with whom, and when, businesses have also been trying to cope with furlough, tax deferments, grants, loans and a plethora of other measures which change month on month. To be honest, you need a team just to keep up to date with what is going on in the news.

So whilst we are busy trying to manage our cashflow, pay our employees and try and keep our business on an even keel, many people could well be overlooking some valuable tax relief they were not even aware they could claim for.

Many businesses have had to invest or adapt during the current climate and some of these costs could lead to a claim for tax relief.

There are two prominent areas which are quite often overlooked and sometimes misunderstood. These are Research and Development Tax Relief and Property Capital Allowances.

Let us have a look at these in a bit more detail to see what could potentially qualify for these reliefs.

Research and Development Tax Relief

Firstly, don’t be fooled by the title ‘research and development’. This does not mean that you have to be in a laboratory trying to create the coronavirus vaccine. The scope is much broader.

  • Have you been innovating and adapting your business recently whether to continue trading during the lockdown, or investing in products or technology to help you get back to work?
  • Have you have been developing new or improved products or processes?
  • Do you employ technical professionals?
  • Do you encounter design or development problems?
  • Have you developed any unique internal software?

If you can answer yes to any of these questions, then you could well qualify for the R&D Tax relief.

With two credit schemes, one for SMEs and one for larger companies, you could potentially be missing out on tax credit of up to 33p for every £1 spent on R&D.

So if you think you may be eligible, you need to speak to a specialist tax adviser.

The other area that many people miss out on is Property Capital Allowances.

Have you been making Property Improvements?

Have you spent money on buying or improving a commercial property or furnished holiday let?

Typically, between 5% and 40% of a property is relievable against income as a ‘fixtures’ claim. The current UK tax system does not allow you to claim a tax deduction for this expenditure, but you could be entitled to capital allowance tax relief.

It does not matter how long you have owned the property for either, whether privately or as a limited company. There is no limit on retrospective claims. So it may be possible to make a claim as long as the items are still in use for the purpose of trade.

It is the ‘internal fixtures’, performing an active function, where the opportunity lies.

Some of the items that may qualify for tax relief include:

  • Plumbing, heating, powered ventilation, external solar shading
  • Lifts, but not the lift shaft
  • Roller shutter door machinery, but not the door
  • Decoration in pubs and restaurants that give ambience
  • Heating and cooling systems (Air conditioning)
  • Emergency lighting and security systems
  • Sanitary fittings

So if you have built, extended or refurbished a commercial property, you could be missing out on this valuable tax relief. If you are about to buy a property, make sure you get advice so you can fully maximise the savings potential at this stage.

These tax savings can often run into tens of thousands of pounds so if you think you may be eligible, do give Forrester Boyd a call and ask to speak to one of our specialist partners. We will be happy to have a no obligation discussion with you. Simply call us on 01472 350601 or email

Any news or resources within this section should not be relied upon with regards to figures or data referred to as legislative and policy changes may have occurred.