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Research And Development Capital Allowances
{{Short description, Tax credit Research and Development Capital Allowances, also known as RDAs, are a tax relief for businesses in the United Kingdom. They provide a 100 per cent first year capital allowance for research and development (R&D) capital expenditure. RDAs are the capital expenditure equivalent to the R&D tax relief scheme. History RDAs were the new name given to Scientific Research Allowances (which already existed) when the R&D Tax Credit scheme was launched in 2000. Overview R&D Tax Relief only applies to revenue expenditure - generally, costs incurred on day-to-day operations, as opposed to expenditure on capital assets. However, RDAs allow relief for R&D capital expenditure as a capital allowance. RDAs make it possible to claim 100 per cent of the capital cost against taxable profits in the year the cost is incurred. This can deliver a helpful cash flow boost and a shortened payback period. A company should consider applying for RDAs if it has: *constructed or pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Allowance
Capital allowances is the practice of allowing tax payers to get tax relief on capital expenditure by allowing it to be deducted against their annual taxable income. Generally, expenditure qualifying for capital allowances will be incurred on specified capital assets, with the deduction available normally spread over many years. The term is used in the UK and in Ireland. Capital allowances are a replacement of accounting depreciation, which is not generally an allowable deduction in UK and Irish tax returns. Capital allowances can therefore be considered a form of 'tax depreciation', a term more widely used in other tax jurisdictions such as the US. If capital expenditure does not qualify for a form of capital allowance, then it means that the business gets no immediate tax relief on such expenditure. Categories of asset Capital allowances were introduced in the UK in 1946 and may be claimed for: * plant and machinery * structures and buildings * business premises reno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enterprise Investment Scheme
The Enterprise Investment Scheme (EIS) is a series of UK tax reliefs launched in 1994 in succession to the Business Expansion Scheme. It is designed to encourage investments in small unquoted companies carrying on a qualifying trade in the United Kingdom. By the end of the 2014-15 tax year, a cumulative total of £14.2 billion had been invested under the scheme into approximately 25,000 companies. In that year, in excess of £1.8 billion was invested under the EIS. Purpose Investment in companies that are not listed on a stock exchange often carries a high risk of loss of capital, and low market liquidity means that it may be difficult or time consuming to sell or realise the investment. The tax reliefs available under the EIS are intended to offer investors some incentive to counterweigh those risks. Provision of tax relief The EIS offers several different kinds of tax relief, available both to direct investors and investors through a managed EIS fund or portfolio service. They a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernst And Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was named Ernst & Young until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KPMG
KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a network of firms in 145 countries, with over 265,000 employees and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups. Over the past decade various parts of the firm's global network of affiliates have been involved in regulatory actions as well as lawsuits. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler". The initialism was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987. History Early years and mergers In 1818, John Moxham opened a company in Bristol. James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857. In 1861, Henry Grace joined James Jr. and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deloitte
Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY (Ernst & Young), KPMG and PricewaterhouseCoopers (PWC). The firm was founded by William Welch Deloitte in London in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte. In 2002, Arthur Andersen's practice in the UK as well as several of that firm's practices in Europe and North and South America agreed to merge with Deloitte. Subsequent acquisitions have included Monitor Group, a large strategy consulting business, in Janu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PricewaterhouseCoopers
PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting firms, along with Deloitte, EY and KPMG. PwC firms are in 157 countries, across 742 locations, with 284,000 people. As of 2019, 26% of the workforce was based in the Americas, 26% in Asia, 32% in Western Europe and 5% in Middle East and Africa. The company's global revenues were $42.4 billion in FY 2019, of which $17.4 billion was generated by its Assurance practice, $10.7 billion by its Tax and Legal practice and $14.4 billion by its Advisory practice. The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse. Both firms had histories dating back to the 19th century. The trading name was shortened to PwC (stylized p''w''c) in September 2010 as part of a rebr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seed Enterprise Investment Scheme
The Seed Enterprise Investment Scheme (SEIS) was launched by the United Kingdom government on 6 April 2012 in order to encourage investors to finance startups by providing tax breaks for backing projects they may otherwise view as too risky. SEIS acts as a powerful incentive to encourage investors to invest as the tax relief can allow individual investors to reduce their effective income tax liability, for the year in which they make the investment, to zero. Examples Some of the funding for the establishment of the Nc’nean distillery in Scotland Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ... was from SEIS. References {{reflist Taxation in the United Kingdom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Sector Tax Relief
Creative Sector Tax Relief is a programme of tax incentives implemented in the United Kingdom in 2012 which encompass new incentives aimed at supporting the animation, high-end television and video game industries, in addition to the existing relief available for film production. The new reliefs are designed to promote culturally-relevant productions in the UK, to incentivise investment into UK productions that would otherwise take place outside the UK, and to support the necessary critical mass of infrastructure and skills in the UK for both today and in the longer term. History The government announced in the March 2012 Budget that it would introduce corporation tax reliefs from April 2013 for the video game, animation and high-end television industries, subject to State aid approval and following consultation. These new reliefs were confirmed in Budget 2013 and the draft Finance Bill 2013. Up to this point, the creative industries had struggled to access existing Technology Tax ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Research And Development
Research and development (R&D or R+D), known in Europe as research and technological development (RTD), is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existing ones. Research and development constitutes the first stage of development of a potential new service or the production process. R&D activities differ from institution to institution, with two primary models of an R&D department either staffed by engineers and tasked with directly developing new products, or staffed with industrial scientists and tasked with applied research in scientific or technological fields, which may facilitate future product development. R&D differs from the vast majority of corporate activities in that it is not intended to yield immediate profit, and generally carries greater risk and an uncertain return on investment. However R&D is crucial for acquiring larger shares of the market through the marketisation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patent Box
A patent box is a special very low corporate tax regime used by several countries to incentivise research and development by taxing patent revenues differently from other commercial revenues. It is also known as intellectual property box regime, innovation box or IP box. Patent boxes have also been used as base erosion and profit shifting (BEPS) tools, to avoid corporate taxes. History In the early 1970s Ireland introduced the first scheme in its Corporation Tax. Section 34 of the 1973 Finance Act allowed total tax relief in respect of royalties and other income from licenses patented in Ireland. The concept was applied in 2001 by the French Tax Authorities as a reduced rate of tax on revenue from IP licensing or the transfer of qualified IP. Within Europe, Belgium, Hungary, Luxembourg, Netherlands, Spain and the United Kingdom have also introduced similar schemes. Controversy The Irish Patent Box system is one of the key benefits for companies paying Irish corporation tax. The s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Research And Development Expenditure Credit
The Research and Development Expenditure Credit (RDEC), introduced in 2013, is a UK tax incentive designed to encourage large companies to invest in R&D in the UK. Companies can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure. The initiative builds on the existing R&D Tax Credit scheme which has been in operation for large companies since 2002 and is one of a number of technology tax relief schemes introduced by successive UK Governments. Originally referred to as to as "Above the Line R&D Tax Relief", because the payable credit for large companies is now shown above the tax line and can effectively be accounted for as income in the profit and loss statement, RDEC is now the common terminology used for the scheme. History R&D tax relief is designed to incentivise investment in R&D. The scheme was introduced in 2000 for small and medium enterprises, with a separate scheme for large companies launched in 2002. Any company carrying ou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
