Research & Development Tax Credit – Man Flu Cure!!!!

MEDIC!!!!  If you hadn’t noticed  there is a red cross on the door of TTF Towers. Homo-influenza (AKA Man Flu) has hit the men folk.

I’m currently writing this on my iPhone whilst holding a screaming BJ (#2 son) and trying to pacify a whingeing Jabo (#1 Son).  It looks like it might take a while as I have to keep stopping to mop up the river of snot that is pouring from BJ’s nostrils.  All of this whilst I am bravely battling through my own epidemic of snotty nose, sore throat and fever.

Mrs TTF has popped to Tesco to buy more drugs and I have been left in a house riddled with a plague worthy of the old testament.  She is also ill but  luckily has the female variant that “you can battle through”, obviously this has not been possible for the three men of the house.  Hopefully she will be back soon as I’m feeling very weak……..

Luckily Mrs TTF has returned and is now tending to the children.  To be fair I have now seen first hand the severity of man flu and feel that I need to assist in fighting this deadly disease.   I have therefore carried out extensive research over the weekend to discover the cure.  For those who are also suffering this debilitating disease the following has shown signs of placating the symptoms:

  1. Bacon Sandwiches contain the exact balance of vitamins and protein.  This is further enhanced with tomato ketchup.  Further research was not possible due to Mrs TTF refusing to cook a second with daddies sauce applied instead.
  2. FIFA 13 appears to maintain the users reflexes and dexterity. At least an hour of rigorous use is recommended.
  3. A bed is too flat so the patient must be sat up on the settee with sufficient pillow and duvet to maintain body temperature.  Tomato ketchup stains are permitted on such coverings without the patient being nagged.
  4. Extreme nursing and attention from Mrs TTF is a must even though she is ill and there are three victims in the house.  Again further research was not possible due to the lack of sympathy.
  5. For outbreaks of  man flu across the generations a Toy Story marathon seems to be the only way to keep the patients from slipping into a coma.

If I do not make it through this outbreak I hope the above research will help others.  Luckily the government has recognised that there is the need for businesses to carry out Research and Development and offer tax reliefs in this respect:

The Tax Bit

Research and Development tax relief is an incredibly generous relief for small and medium companies.  But nine out of ten companies who can make a claim DON’T!  These companies are losing out on

  • a 225% uplift on their qualifying expenditure.  This means for every £100 they spend they are missing out on another £125 of tax relief.
  • Loss making companies can surrender the relevant proportion of their loss for a PAYE credit equivalent to 11% of the qualifying expenditure.

I personally think the issue is in the name.  Most people will think that only mad scientists mixing strange potions will qualify.  This is not true for example I have personally seen claims from the following industries:

Architects

Design Consultants

Engineering

Manufacturers

Software Designers

Construction

Every company can therefore potentially claim R&D tax relief.  There are a few hoops to jump through but the basics are that:

  • The claimant is a small or medium company which is a going concern.
  • The company spends £10,000 on qualifying R&D in years before 01 April 2012 (no de-minimus after this).
  • The expenses are incurred whilst seeking to achieve an advancement in science or technology.

Again I would stress that the relief is available for companies trying to resolve technical uncertainty not just men in white coats.

I’m too weak to carry on, another bacon sandwich might help me through.  Any sympathy gratefully received!

By Peter Cross

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