London Design Festival has begun! Some pictures taken just around the corner from us! The House of Wallpaper in Soho.
In the spirit of London Design Festival 2017, we are breaking down the basics of the tax deductions you are entitled to as an Architect or Interior Designer working in the UK.
Statistics have shown that as much as 9 out of 10 design businesses in UK fail to take full advantage of the tax reliefs that they are entitled to claim.
Architectural projects often involve significant risk-taking, development, use of bespoke software and adapting the latest technologies to help solve a range of problems. Many of these areas qualify for tax relief under the R&D Tax Credit Scheme.
The Research and Development stages of an architectural project are often tax deductible, with firms able to claim as much as 230% of innovation expenditure against.
In routine projects where conventional design techniques have been utilised to create the end result Research and Developments expenses can be more complex to claim.
CLAIMABLE EXPENSES UNDER ARCHITECTURAL RESEARCH AND DEVELOPMENT TAX CREDITS
· Software development
· Development of visualisation (VR) technologies
· Tools and methodologies that aim to streamline the transition from digital design to fabrication.
Most Architect Practices are not claiming the maximum they are entitled to in Research and Development tax relief- if not any of it! The biggest reason being a lack of specialised architect tax advice.