Give your business a boost
We’re here to help your business get where it wants to be. R&D tax credits could be just the ticket. Read on to find out what we do. Or better still, hear us explain it by getting in touch >
First, what are tax credits?
Research and development tax credits were designed by the Government to incentivise and reward companies for investing in innovation. Venturing into the unknown can be risky business, but society benefits as a whole – so the R&D tax incentives are there to help you help everyone.
Eligibility
credit where credit's due
Despite providing big cash injections, R&D tax credits often go unclaimed. Some people simply haven’t heard of them, others don’t think their company is innovative enough. Don’t worry, you needn’t be a high-tech business and taking the next step isn’t complicated. Just ask yourself two questions:
Are you a limited company in the UK that has to submit a Corporation Tax return?
Have you invested in developing new or refining existing products, services or processes?
We know that’s quite broad, just get in touch and we’ll be happy to check if you’re eligible for an R&D tax claim. Because we specialise solely in R&D tax, we understand HMRC guidance and the criteria for claiming in detail.
What can I claim for?
Spending on any of the following can be claimed as part of an R&D tax claim:
Employment costs (wages, pension & NIC, expenses)
Freelancers and consultancy fees
Materials used
Software
Utilities (lighting, heating & water)
Trialling a product (even if it fails)
Prototypes
Subcontractors
By really getting to know your business we understand the full extent of all these costs.
It all adds up to a better experience and a bigger R&D tax claim.
We can help all sectors and industries
Any business can apply, but here’s what most companies claim for:
Formula
innovations
New recipes
Refined Or improved
processes
Automation of tasks
New materials
development
New
technology
New software
development
(NPD) New product
development
This list is by no means complete. For example, we’ve helped children’s nurseries and cleaning businesses with their research and development tax. Just because your offering doesn’t appear to fall neatly into one of these categories, don’t give up. Innovation comes in all shapes and sizes. And a big part of our expertise lies in understanding what you do and if you can claim. So you’ve nothing to lose, just get in touch >
Two schemes – one place to go
There are two R&D tax credit schemes
SME scheme
RDEC scheme
The benefits across each scheme are distinct and it’s not uncommon for businesses to be able to claim on both for different projects. While this is potentially good news, it does make things more complicated.
But we’ll worry about that – we’re here to help identify if one or both schemes are right for you – and to make the process as simple and seamless as possible.
How do I make a claim?
Time is precious so we keep things simple. Also, every business is different, so we often tailor these steps to your individual needs:
Initial call with a consultant on our team.
We’ll be able to tell you straight away whether we think you’re entitled to R&D tax relief and advise you whether it’s worth pursuing.
We go over your financial documents and accounts carefully.
We confirm the details of your claim with you, either via a conversation or in writing – whichever works best for you. Don’t worry, there are no fussy, long forms to fill out.
We write your case up for HMRC. We’re proactive and pre-empt what they’ll need, making sure your case is completed as efficiently as possible.
We submit your case. We only ever submit robust cases and ensure all supporting documentation is always in place.
HMRC send the funds for your R&D tax credit reimbursement, 28 days later. We only charge you for our services if your claim has been successful.
How do R&D tax credits help businesses?
The best part about research and development tax? The infinite adventures and endless opportunities a claim can lead to. You can use them towards anything for your business – helping you get closer to your goals, whatever they might be. Alternatively, the money can be deducted from your Corporation Tax bill, freeing up cash in a different way.
If you’re ready to get started, we’re here to help. Just get in touch >