If you are undertaking a project, that is bespoke within your industry, there is a chance that you don’t even know that your expenditure may qualify for Corporation Tax relief! Qualifying Research & Development expenditure as defined by HM Revenue & Customs as “Work that qualifies for R&D relief must be part of a specific project to make an advance in science or technology. It can’t be an advance within a social science like economics or a theoretical field like pure math.”
If you’ve not set a budget for your agency before, or if you have but you want to check that it’s realistic and is actually going to help your agency successfully grow, then this post is aimed at you. Building a budget is like building a three-dimensional Sudoku puzzle, there are so many moving parts that all need to fit together to make sense. In this blog, we have focused on building a profit and loss budget.