R&D Tax Credits



Although Research and Development (R&D) tax credits have been around for some time now, the reliefs given by the government have become increasingly generous and the scope around what actually counts as R&D has widened.

With this in mind, we have set up a specialist division that deals solely with R&D.

What are R&D tax credits? 

Broadly, this is an extra allowance that can equate up to 33p in the £. It can be cash back for a company or a reduction in corporation tax.

What is R&D?

R&D has a very wide meaning and is not just for scientific invention expenditure. It can be for almost any business (as long as they are a limited company). To qualify, we need: 1) A problem 2) Thought given into finding a solution 3) Uncertainty as to whether the solution will work 4) The solutions (whether successful or not) were innovative, i.e. were not readily available to an average person in your business.

Take these simple analogies:

“if the owner of the business identifies a problem and comes up with a solution, then there could well be a valid claim”

” It’s about looking at something people have been doing for years and asking how it can be done better”

“It’s for thinking outside the box”

Our process

Starts with a visit/telephone/skype conversation to understand your business and to ascertain R&D work – there will usually be several conversations as the draft claim progresses.

Accounts from your own accountant for the past 2 years and a copy of the corporation tax returns they prepared (where we don’t already act for you).

We prepare a report for HMRC on the R&D together with costings and tax claims.

A wait of about 8 weeks on average.

Once agreed, you will then receive your cheque.

And we will invoice our agreed percentage.

Some examples: 

Improvements to a factory production line for a manufactuer

Construction problems overcome by a developer or builder

Bespoke Software systems introduced (for just about any business)

Inventions – obviously!

Just about any web development business

Designers

Brewers – creating new beers

Food business – creating new recipes/ingredients for products

The list is endless

According to latest government stats., less than 10% of eligible businesses have claimed the relief.

We offer a no win no fee basis of 20% of what we save you. We have a 100% success rate with our claims.  If there is no claim, we won’t submit one. We have a specialist division dealing with all claims with dedicated staff, both in tax and commercial experience to identify your possible claims.

Check out our video here

 


Testimonials

  • Choosing an accountant to handle your finances is a daunting task so I was so pleased I made the right choice in choosing “The Tax Shop” Since starting my business in 2008 Matthew has done a first rate job of compiling my yearly tax returns and advising me of the most affective way to save me money. He has always been available to give sound financial advice in an easy to understand manor. I would have no hesitation in recommend “The Tax Shop” to anyone that is looking for first class service at an excellent price.
    Richard Kennedy, Folkestone Stamps, Hythe, Kent
  • I can recommend the tax shop as they handle my company accounts. They provide a reliable, efficient service at very affordable rates and have helped save me and my company lots of money in the last year!
    Contract Cleaner, Taunton
  • We have employed Matt and his team at The Tax Shop for a number of years whilst running our own business. We chose The Tax Shop due to its fresh modern high street shop front location, not what is perceived of accountants as a rule and have to state that we were not disappointed. Both Matt and all his staff were not only friendly and approachable but most importantly efficient. All our tax affairs were dealt with both professionally and for a reasonable fee. In conclusion we would highly recommend their services.
    Trevor McLellan McLellan, Construction Ltd Folkestone, Kent