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Watch our short video for an overview of the services that we offer:
Read the transcript:
How fiscal incentives benefit business. Many companies will have claimed fiscal incentives at some point, but some may have missed out on their full entitlement leading to higher tax bills, lower profits, and less cash available for investment.
What are fiscal incentives?
They are tax incentives designed to help encourage investment. Three of the most common fiscal incentives are capital allowances, land remediation relief and R&D tax credits.
Capital allowances are offered to companies and individuals that invest in and develop commercial property. For every £1 spent on building, renovating or fitting-out, up to 40p could be available as tax relief. Think of it like this. Your accountant will claim capital allowances on business items such as computers and cars.
Why can't they do the same on a property? Well, for a car it's easy. You just take the purchase price. But what if you had to price the tires, brakes, engine, steering wheel, axle and gearbox separately, to fully maximize capital allowances? This is how a property must be valued. Now imagine all the components that make up a property, lifts, lighting, toilets, radiators, electrics, carpets, and the list goes on, our experts combine skills in construction, tax, and accountancy, adding the expertise from our legal business, Gateley Plc, and we ensure our clients receive the maximum tax relief available.
Land remediation relief
Land remediation relief applies to both revenue and capital expenditure incurred on the clean up of contaminated or derelict land. It is often overlooked and can sometimes make a project financially viable. It applies to a range of contaminants including those arising from industrial activity, asbestos removal, natural contaminants such as arsenic and radon and Japanese Knotweed.
Land remediation relief allows companies to claim a 150% corporation tax deduction, meaning they can pay less tax on qualifying expenditure or if they are a loss making business, they can surrender the quantifying costs to claim a tax credit instead. If you plan to remediate or have remediated any land, our team can quickly assess the potential value of additional tax relief.
R&D tax credits
R&D tax credits allow companies to reduce their tax bill or claim payable cash tax credits as a proportion of their research and development expenditure. For every £1 of R&D spent, you could receive up to 33p back.
It's not always easy to know if R&D is taking place, so a few essentials you should always keep in mind. You can claim in any sector, not just scientific and pharmaceutical research, they apply to all forms of innovation, on new and existing activities. You can claim even if the project is unsuccessful.
As you can see, fiscal incentives are more complicated than you might think. Gateley Capitus is a dedicated fiscal incentives consultancy and part of law-led professional services group, Gateley.
With more than 20 years industry experience, our team of specialists have worked on over £50 billion of capital projects, saving our clients billions of pounds.