Limited companies and partnerships can apply if you are paying corporation tax. If your partnership is treating revenue as personal income and you just pay income tax then you aren't able to claim i'm afraid.
It's framed as tax relief but in reality what it means is any money you have spent on innovation or R&D projects can be claimed for and you will end up getting a payout from HMRC. It doesn't have to be taken off your tax bill at the end of the year, it is just a bulk payment into your business.
Claiming tax relief within the agricultural sector has been minimal over the years. Less than 1% of companies claimed last year, but for those who did the average claim was £52,000 which I'm sure a lot of farms would appreciate right now.
What types of R&D projects has everyone been looking at this year? From speaking with a lot of farms, it seems that this year has made a lot of farms look for new ways to improve processes in agriculture, so interested to know what everyone has been up to?
If you're a traditional partnership and pay Corporation tax then yes you would be eligible. If you're a limited liability partnership then you won't be. I'll send you a message @Lawless
Have been speaking with a few farms recently and it seems the past 6 months has been a great time for R&D projects. How many of you have been carrying out your own R&D projects and what have they involved?
Curious to know how many farmers are taking advantage of the Innovation Tax Relief from the government?
The average agriculture claim was £52k last year which I'm sure would help a lot of people out right now.
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