We’re currently reflecting on a year filled with growth, innovation, and success in the tax and finance sector. From empowering businesses with tailored funding solutions to navigating the complexities of compliance and tax incentives, our team has consistently delivered value to our clients. This review of 2024 highlights key achievements, trends, and insights that shaped the year, while setting the stage for an even more impactful 2025.
2024, a year of financial shifts and Counting King’s role in supporting businesses globally
As we reflect on the performance of the money markets in 2024, it is evident that businesses faced a challenging year marked by financial uncertainty. The rise in bond yields, inflationary pressures, and fluctuating interest rates painted a complex macroeconomic landscape. Yet, despite these headwinds, many businesses found ways to navigate the turbulence with strategic tax planning and financial support services. Counting King played a pivotal role in helping businesses weather these changes by providing expert guidance in key areas such as R&D Tax Relief, Embedded Capital Allowances, Land Remediation Relief, and the Patent Box regime. Our proactive approach has empowered clients to unlock significant financial benefits and adapt to evolving regulations.
Money Markets in 2024: An overview
Many businesses experienced a downturn over the year, with domestically focused sectors feeling the impact of rising long-term bond yields. The Autumn Budget introduced fiscal policies that, while necessary, heightened concerns about future economic stability. The rise in long-term bond yields mirrored global trends, driven by inflation expectations. These increases were compounded by budgetary measures that placed additional burdens on businesses, particularly through higher employer National Insurance contributions and an increased National Living Wage.
Preliminary data from the Office for National Statistics (ONS) indicated two consecutive months of economic contraction by October, signalling a challenging period for businesses. Yet, despite these challenges, Counting King worked alongside clients to mitigate financial strain through innovative tax relief strategies and compliance support, ensuring businesses could maintain cash flow and plan for sustainable growth.
R&D Tax Relief: Simplified with stricter compliance
The merger of the RDEC and SME R&D tax relief schemes in 2024 marked a pivotal shift in the funding landscape. This change aimed to simplify the claims process and make relief more accessible to a broader range of businesses. However, with these changes came stricter compliance measures, including an Advanced Notification Requirement that added complexity for first-time claimants.
Counting King has been instrumental in helping businesses navigate this new terrain. Our team provided expert guidance to ensure clients remained compliant while maximising their R&D Tax Credits. By doing so, we have helped a number of businesses continue to innovate, even in a challenging financial climate.
Embedded Capital Allowances: Unlocking value in hidden assets
In response to rising operational costs, many businesses sought ways to reduce their tax liabilities in 2024. Embedded Capital Allowances emerged as a crucial strategy to achieve this. However, changes to reporting requirements meant that many companies risked overlooking eligible claims.
Counting King supported clients by identifying hidden allowances within their properties, enabling them to unlock substantial tax relief and improve cash flow. Our expertise ensured that businesses could confidently navigate evolving regulations and turn overlooked opportunities into tangible savings. This proactive approach helped businesses optimise their financial position during uncertain times.
Land Remediation Relief: A focus on sustainability
Sustainability remained high on the agenda throughout 2024, and Land Remediation Relief played a critical role in supporting businesses tackling contaminated or derelict land. Despite its benefits, awareness of this relief remained low, particularly among SMEs.
Counting King addressed this gap by actively educating clients on the advantages of Land Remediation Relief. We guided businesses through the claim process, enabling them to reclaim up to 150% of qualifying costs. By doing so, we helped clients turn environmental challenges into financial advantages, supporting urban regeneration projects while securing significant tax savings.
Patent Box: Driving innovation through tax incentives
The Patent Box regime continued to offer reduced corporation tax rates on profits derived from patented inventions, making it an essential tool for businesses investing in innovation. However, changes to the scheme’s qualifying criteria emphasised the need for precise compliance and detailed tracking of intellectual property income streams.
Counting King provided invaluable support to clients navigating these updates. Our guidance ensured businesses could capitalise on the Patent Box regime to enhance profitability while adhering to regulatory requirements. By enabling businesses to optimise their innovation funding strategies, we have helped clients reinvest in future growth and maintain a competitive edge.
Looking ahead to 2025: Opportunities amidst challenges
As we advance into 2025, the financial landscape remains complex. Inflation has cooled, and interest rates have started to fall, offering some relief. However, challenges such as sticky services inflation, ballooning government debt, and geopolitical uncertainties persist.
Counting King remains committed to helping businesses navigate these challenges. By leveraging our expertise in tax relief and financial planning, we will continue to support clients in unlocking hidden value, optimising cash flow, and driving innovation. Our services not only mitigate immediate financial pressures but also position businesses for sustainable growth in the long term.
Businesses have managed to remain remarkably resilient throughout 2024, therefore we are optimistic about what’s to come in 2025. By staying informed, proactive, and adaptive, companies can turn challenges into opportunities. With Counting King by their side, these businesses can also confidently navigate the evolving financial landscape, ensuring they are well-prepared to thrive in 2025 and beyond.
The narrative of 2024 has been one of resilience and adaptability. While financial markets faced turbulence, businesses demonstrated their ability to innovate and grow with the right support. Counting King has been proud to play a crucial role in this journey, helping clients unlock valuable tax reliefs, improve cash flow, and navigate complex regulatory changes.
Looking ahead, 2025 is due to be successful, and with expert guidance from Counting King, businesses will be seizing opportunities, driving innovation, and achieving sustainable growth this year.