R&D Tax Credits

As we gradually emerge from the Covid-19 pandemic, cash flow and sustainability is a worry for many business owners. But what if you had a funding option you didn’t even know you qualified for?

Research and Development (R&D) tax credits are an incentive to reward companies engaged in innovation. They allow you to reclaim up to 33p for every £1 of your R&D costs, even if your project failed! Many businesses do not consider their business activity to involve research and development. The government criteria is purposefully broad, meaning that no matter the sector or size of your business there is scope to qualify!

We work closely with our clients, guiding them through the process every step of the way from the first fact finding meeting though to receiving their tax credit. The good news is, we won’t charge you unless your claim is successful… so what is there to lose? Give us a call on 01332 292022 or click the button below to arrange a free consultation.

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What counts as R&D?

HMRC define R&D as taking place “when a project seeks to achieve an advance in science or technology.” Qualifying work doesn’t just include “white coat” scientific research, it can include:

  • Creating new products, processes or services
  • Changing or modifying an existing product, process or service.

For instance, software development, engineering design, construction techniques, cleantech etc. It’s important to note that pure product development itself does not qualify.

What costs qualify?

  • Direct and external staff
  • Subcontracted R&D
  • Consumables
  • Software
  • Trials
  • Prototyping
  • Independent research costs

The following do not qualify:

  • Capital expenditure
  • Production and distribution of goods and services
  • Cost of land
  • Payments for the use and creation of patents and trademarks

What is the process?

  1. Initial Assessment – We will have a meeting with you to gather the information and discuss your claim.
  2. Report – We will go away, analyse the data and put together a report. We will leave no stone unturned to ensure the maximum possible claim
  3. Review – We will meet with you to make sure you are happy with the report and claim before submission
  4. Submission – We will submit the report along with your CT600 (Corporation Tax Return) and liaise with HMRC on your behalf
  5. Success – It usually takes 4-6 weeks for HMRC to process the claim. You will either receive a credit against your tax bill or a repayment directly to you. We will only charge you for a successful claim!
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