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Thinking of investing in a new laptop? Of buying a business vehicle? Or of getting some other piece of equipment you need for your business or to help it operate more efficiently?These purchases are usually tax-deductible. But HMRC doesn’t treat them the same way they treat day-to-day expenses such as business mileage and office utilities. You can’t just subtract the cost from your income. To get your tax deduction, you’ll have to claim capital allowances.Here’s a rundown of what capital allowances are and how they work in the UK.
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What are capital allowances?
Capital allowances are a way of reducing your tax bill when you spend money on something that’ll benefit your business in the long term. This is called capital expenditure.You make capital expenditure when you:Buy an asset you’ll use in your business. This is called a capital asset Spend money on upgrades Spend money on maintaining a capital asset
How Can Valiant & Stone Help
Having a team of experts with experience of dealing with different domains, Valiant and Stone can help you in all stages of your R&D Tax Credit Claim.
Why Partner with us
Working with R&D Tax Solutions enables your service offering to be extended without jeopardising client service or quality. We are the trusted R&D partner for a variety businesses. Our trusted team enables the partnerships to flourish with a clear transparency of services provided and benefits obtained.