Businesses could be missing out on unclaimed tax reliefs

Accountants and business advisers Armstrong Watson has reason to believe many local businesses are missing out on unclaimed tax reliefs. As owner-managers focus on strengthening their businesses for the future, tax is becoming an increasingly central activity, and can seriously improve the financial health of a business if carried out effectively.

Due to the complex nature of corporation tax, recent feedback suggests that many business owners are unaware of the range of reliefs available, or are unsure if the work they carry out could be eligible for tax relief.

One client working in the service industry sector has recently been able to claim a substantial rebate after claiming for Research & Development tax relief. They were working on a new project which involved bespoke software being written specifically for the project. Even though some of the development costs for the software were provided by sub-contractors, this was eligible for tax relief. After discussion with the HMRC, a successful claim was made which resulted in a substantial saving for the business.

To meet with the rising number of businesses needing support in this complex area, Armstrong Watson is pleased to announce the appointment of David Kitson, Tax Partner, at its Skipton office.

David brings over 20 years’ experience in advising entrepreneurial owner-managed businesses on taxation and financial matters, specialising in working closely with businesses to unlock many previously unclaimed tax reliefs, for both the business and the owner.

David’s experience and wealth of knowledge in this area means he is able to identify the whole range of tax reliefs available to a business, and ensure that claims made are successful.

David Kitson said:

‘Joining the team at Armstrong Watson strengthens the opportunities available to me, to advise clients on taxation matters, implementing effective strategies to maximise the tax benefits for clients’ businesses. I am excited when assisting entrepreneurs in overcoming challenges they face to achieve their business and personal goals.

I prefer to maintain an active role in client’s financial affairs, often considering the future strategy and structure of them.

My clients operate across diverse business sectors and during my time working with owners, shareholders and management teams, they have noted that I demonstrate a very enlightened, professional and innovative approach to business.’