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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”
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.
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
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