R&D Tax Claims
How do R&D tax credits work & how do you know if your business is eligible?
Since the government wants to encourage R&D within UK industries, R&D tax credits are relatively straightforward. If a company spends money developing new products, processes or services or enhancing their existing ones they are likely to be eligible for R&D tax relief.
To benefit from this, you must:
- Have carried out qualifying research and development activities. Such as development of new & improved products, improved processes or development of innovative recipes, automation or formulae, for example…
- Have spent money on these projects. For example, on staff salaries, subcontractors, materials and consumables, etc.
- Be registered as a limited company in the UK and be subject to Corporation Tax.
If you believe that your business could be eligible for this, then you can make an R&D claim to receive either a cash payment and/or Corporation Tax reduction.
How much could you claim & How we can help
SMEs could claim up to 33p for every £1 spent on qualifying R&D activities. Whereas large companies are able to claim up to 10p for every £1 spent on their qualifying R&D activities. Since inception, a total of £21.4bn has been claimed by UK businesses.
We offer a streamlined service to make claiming R&D tax credits easy. Our approach means we do all the leg work for you, so you can focus on continuing to grow and develop your business! Our end-to-end service means we will help determine if you are eligible, complete all the relevant applications, dealing with HMRC on your behalf and ensure the money is back with you in 6-8 weeks. All you need to do is get in touch if you believe you may be eligible.