Our corporate finance division trades under the brand name Translink Corporate Finance. The team operates as part of the UK arm of an international advisory boutique that brings together experts from across the world to support clients with their M&A activity.
We provide all of our clients with an effective and efficient compliance service, making sure that all aspects of the ever-increasing burden of business tax compliance are dealt with.
Our expert team will work closely with you as an extension of your own in-house finance function, supporting you with your management accounts, budgeting, projections and forecasting, tax and compliance, and data and reporting.
The world of debt funding has changed dramatically in recent years and there’s now more choice than ever before.
Our financial reporting, advisory and valuations team offer financial reporting advisory, IPO support, purchase price allocations, share-based payment and other financial reporting valuations, and annual compliance work for listed groups.
Supporting your needs in business valuations, transactional issues, dispute scenarios, loss quantification or financial crime investigation.
We provide a range of personalised, friendly financial planning services backed up by the resources of a fully integrated accountancy firm.
Our dedicated team of professionals offer clients a full personal tax planning and financial planning service.
Our team has a wealth of specific expertise and experience in providing auditing, accounting, business and tax advisory services to charities and not-for-profit organisations.
Our wealth of expertise and experience allows us to provide excellent advisory, accounting and tax planning services to the healthcare industry.
Experts in audit and advisory services to occupational pension schemes and everything in between.
From small family farms to large landed estates, we provide taxation, accounting and business advice which is built on our highly personalised service.
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Historically Research & Development tax relief has been one of the most generous forms of tax relief available, with profitable SME companies previously able to make tax savings worth almost 25% of the amount spent on R&D tax activities and loss-making companies able to claim a payable tax credit of just over 33% of the amount spent. From 1 April 2023, the value of claims is reducing for SMEs and over the last year or so, there has been a significant increase in compliance activity from HMRC. This means that now, more than ever, it is vital that a claim for R&D tax relief is accurate and robust.
At BHP, we are committed to helping you through the R&D process, and as part of our ethos, we promise to listen, understand, and provide honest advice to determine whether you can claim R&D tax relief.
A key part of our role at BHP is to listen to you. We’re interested in what your business does and how it does it. This conversation might take us into the area of R&D, but it might equally take us somewhere else. We’re not here to tell you that just because you are a software company or a manufacturing company that you must be eligible for R&D relief – it’s not that simple.
You may have heard that R&D claims don’t have to involve ‘blue-sky’ thinking, cutting-edge technology or scientists in white lab coats, and while there is some truth in that, it doesn’t automatically mean that any claim for an improvement or refinement can be made. Claims can be made for modifying existing products, processes or systems, and the guidance applies equally to all sectors. Still, the key test is that the work being done must represent an advance on the existing baseline science or technology.
We understand the legislation and guidance around R&D tax claims, but it is equally important to understand your business. We know from experience that some clients have preconceptions that they can’t be doing R&D because of the type of industry they are in or that overcoming challenges and uncertainties is just part of the job. This might be true, but we need to understand the facts of your business and determine objectively whether the activity is enough to meet the criteria for a tax relief claim.
Over the years, we have submitted hundreds of R&D claims. Still, we know the importance of keeping up-to-date with the industry’s latest regulatory developments and do not take our position as trusted advisors for granted. From 1 April 2023, there are significant changes to what costs can (and cannot) be included in a claim. There are new requirements to notify HMRC that you intend to make a claim, and the nature of the information provided to HMRC to support any claim is now much more tightly defined. It might sound like making a claim is too onerous or risky, but we understand the process and will guide you through it.
A consequence of our approach is that we will tell you when we think you do not meet the criteria to support a valid Research & Development (‘R&D’) tax relief claim. Saying ‘no’ might seem like an odd way to advertise our R&D services, but it is important to know from the outset that companies are not automatically entitled to this relief – even if you have claimed it before. Of course, if we think you meet the qualifying criteria, we will support your claim throughout the process and ensure that it includes everything you are entitled to.
Another valuable tax relief in this area is the “Patent Box”, which allows relevant profits to be taxed at 10% instead of the main rate of Corporation Tax (up to 25% from 1 April 2023).
Although it might be straightforward to establish whether a company has a qualifying Patent or Intellectual Property right, the challenge here is determining what counts as relevant profits for the purposes of the calculation.
If your company holds a Patent, is considering applying for a Patent or has an Exclusive Licence to exploit a Patent, contact one of our Patent Box experts or your usual BHP contact to learn more. Where a company owns a Patent, the company is also likely to be undertaking Research & Development and may be able to claim valuable Research & Development Tax Credits.
For more information, or if you’d like to discuss our other business tax services, contact us today.
An employee ownership trust enables the company to be employee owned and is set up by, the company’s existing owners. Are you thinking of making your business an EOT? Speak to a member of the team today to find out how best to proceed.
In this day and age, what does an employer need? BHP’s employer solutions team can help meet all of your employee-related needs.
Our specialist VAT team works with you to protect your business’s profitability. We give you the best possible advice, ensuring you only pay the VAT you are legally required to pay.
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Schemes (SEIS) are ways to help you raise funds to grow your business, fund a new business venture, or embark on R&D activity.
An EMI is designed to help smaller companies recruit and retain key employees that may not have the funds to do so via salaries and bonuses. Speak to our team to see if you qualify.
If you are buying or selling a business, it can be a daunting experience and complex due to the tax implications. There is a lot to consider, and any mistakes can be very costly. Speak to our team to help.
Capital allowances are a tax relief available to businesses. Do you need support with your capital allowances tax reliefs? Speak to a team member today.
General Enquiries
+44 (0) 333 123 7171
The registered office of BHP LLP (registered under number OC416373 in England and Wales) is 2 Rutland Park, Sheffield, S10 2PD