Recent content by InnovateFarm

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    Don't miss out on thousands in tax relief

    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.
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    Don't miss out on thousands in tax relief

    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.
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    Don't miss out on thousands in tax relief

    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.
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    Research Projects During Covid

    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?
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    Innovation Tax Relied

    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
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    Innovation Tax Relied

    Any form of innovation, such as new ideas/products or even just improving processes. All costs associated with those projects can be claimed back
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    R&D Projects

    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?
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    Innovation Tax Relied

    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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