Pharmacies can claim thousands of pounds in tax benefits available from their commercial properties. Most businesses are aware that they can claim substantial tax relief on purchases or investments required to run a business, known as Capital Allowances. This tax relief applies to plant & machinery, buildings and Research and Development (R&D) to enable a business to deduct a proportion of these costs from their tax bill.
Most accountants will have a standard routine for taking companies through an assessment of what they can claim, with the aim of collecting all applicable Capital Allowances and Research & Development, maximising the tax benefit to their clients. However, an expert in this area will look further, highlighting items embedded deeper in the business. Uncovering hidden costs in your pharmacy can add thousands of pounds to your business’s total tax savings. Contact our Business Partner today to guide you through the process.
See below the services available from our Business Partner to help claim tax relief.
Catax are proud to be NPA’s Partner specialising in Research & Development, helping you and your clients uncover the hidden tax relief in your businesses.
A high proportion of limited companies operating within various industries could be eligible for R&D Tax Relief. However, many of these companies are unaware of this tax relief as there is a misconception that only people in white lab coats in laboratories working for the big pharmaceuticals can claim. Catax have seen that on average Pharmacy owners receive £29,000 in the form of a tax rebate from HMRC.
Any business that is growing, going through a transformation or looking to diversify into new markets are often undertaking research & development without even knowing.
NPA Member benefit:
Find out more about Catax here.