Tax Relief Boost For Small Businesses
 
Bolton based Bentleys Chartered Accountants are informing innovative entrepreneurs of a new tax credit boost.  The government has announced an increase in the tax relief rates for investment in research and development.

The new rates took effect on 1st August 2008.  The previous rate of 150% of the investment has increased to 175%.  The size of eligible businesses has also increased from companies with up to 250 employees, to those employing up to 500 people.  The associated limits on balance sheet value and turnover have also doubled.

Partner John Shaw comments: “The government is incentivising firms that are developing new and innovative products, with the theory that the small firms of today will be the large firms of tomorrow.  It is worth SME’s reviewing their investment into research and development, as this new tax credit boost equates to an extra £80 million for SMEs to access. There could be significant sums at stake for individual businesses”

For more information contact John Shaw at Bentleys on 01204 388675.