R & D Tax Credits (UK only)
Research and Development Tax Credits are one of the most attractive tax reliefs available as they often result in significant cash repayments from HMRC. Despite this, many businesses are unaware of the scheme or assume they don’t qualify and it’s estimated that less than 10% of eligible companies ever claim!
Generally speaking you’re able to get these credits for any work that involves developing or improving products, software or processes for your business or your clients. So basically if you provide customers with bespoke solutions or develop products, software or technology, you could benefit from the scheme.
- They are backed by the government and designed to support businesses who develop or improve products, software or processes for themselves or their clients.
- Claims reduce corporation tax on profits, or provide cashback in the event of loss-making providing you with efficient tax-planning.
- They can be backdated.
- Most companies undertake research and development in some form or another – don’t miss out!
“R & D Tax Credits are one of the most attractive tax reliefs available”
In 2017 we partnered with a national company who specialise in R & D Tax Credit claims. Unlike most other organisations they have specialist advisors in different sectors to ensure maximum refunds are received and help hundreds of SMEs receive millions of pounds. They also do not have a minimum claim amount. So even if you feel you probably have a small claim it’s still worth pursuing.
Don’t worry, they handle every aspect of your claim by identifying qualifying R & D activities and costs in your business, preparing a report and tax credit calculation, and then dealing with HMRC.
Of course they don’t do this for free! However, their fee is deducted from your refund hence you do not need to pay anything upfront and they work on NO REFUND – NO FEE. You have nothing to lose!
So what do I need to do?
- If you believe you’re missing out or just want a chat please get in touch.
- I will arrange for a specialist to give you an initial no-obligation call. They will explain more about the scheme and confirm in principle that you are eligible to receive the credit.
- Providing you qualify they will next undertake a ‘fact-finding’ process to look at what you’re doing, how you’re doing it and why it’s helping to innovate your industry.
- The technical part! A report will be prepared explaining the qualifying R & D and identify the costs you can claim.
- The claim is submitted to HMRC who will review it, and once it’s approved you’ll receive the tax credit. The service aim is to complete the process within 8 weeks.