R&D Tax Claim Support

The UK government has, in the last two decades, introduced significant tax incentives to encourage companies to invest in R&D activities, creating valuable IP and providing skilled jobs.

R&D tax credits

These are now well established and have been made increasingly generous, particularly for SMEs. However, there is evidence that a number of small companies who would be eligible to make a claim have not yet done so. Larger companies can also benefit significantly, and it is important that they revisit their R&D activities regularly to ensure that they are maximising their claims.

R&D tax relief is a routine and uncontroversial government incentive scheme designed to reward businesses who are attempting to innovate through the development and improvement of products and processes.  It offers a cash benefit of up to 33% on qualifying expenditure.

This means that if you were to spend £1,000,000 on qualifying R&D projects you could receive a tax refund of £247,000 (profit making business) or a tax credit of £333,500 (loss making business).

A successful claim will result in a refund paid within around 4-6 weeks of the R&D claim being submitted to HMRC, so this is an effective means of improving cash-flow.

HOW WE CAN HELP

Our R&D tax experts have practical experience in preparing and submitting R&D claims for businesses in all relevant industries, sectors and strategic markets.

  • We can assist your business to file an R&D claim
  • Manage the claim submission process
  • We can also review previous R&D tax claims where expenses may have been underestimated

WHAT YOU NEED TO KNOW

  • R&D tax relief claims are made for retrospective expenditure – a business can claim for R&D costs within its last two accounting periods. So, you can make a claim for work that has already happened and can get cash back quickly.
  • R&D relief is available for many businesses – a common misconception is that it is limited to pharmaceuticals and high technology businesses, it is not.  We have filed claims for a wide range of businesses, including, food packaging businesses, retail finance providers, ice cream manufacturers, automotive dealerships, transport and electrical engineering companies and architects.
  • There are a wide range of costs which can be included in an R&D claim, including salary and payroll costs (i.e. NIC/PAYE), consumables (items used to develop the new product or improvement), subcontractor costs and overhead costs such as lighting and heating.
  • R&D claims can be created and submitted in short time frames – leading to a fast cash turnaround.

GET IN TOUCH

If you would like to know more about R&D Tax Credits and how your business may be eligible, please get in touch through the form below and one of our team will be in touch.

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Research and Development Claims

The ways in which organisations adapt to the changing economic environment may be innovative, creative or technologically-driven. All of these have an element of R&D, and any company can make a claim under the UK’s R&D tax credit regimes. So why do so many companies dismiss this opportunity?

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Why Companies Miss Out On R&D Tax Claims

Gary Collins Partner, and Head of Intellectual Property talks us through claiming R&D tax credits and why companies do not always make the most of this tax incentive.