Budget 2021 impact on R&D tax credits
Our R&D tax experts share their thoughts on the impact that announcements made in the budget will have on businesses looking to invest in innovation.
Research and Development Tax Credits provide valuable support when you are funding new ways of working in your business or developing new products and processes.
Statistically, we have proven that claims made by a specialist in this area are twice as large as those awarded to a non-specialist advisor.
Statistically, we have proven that claims made by a specialist in this area are twice as large as those awarded to a non-specialist advisor.
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R&D Tax Credits
The UK government’s introduction of tax incentives is designed to encourage companies to invest in R&D activities, essential today as many face the challenge of innovating to maintain a competitive edge or even survive this Covid-19 pandemic.
For SMEs, these R&D Tax Credits are becoming increasingly generous. However, there is evidence that several small companies who would be eligible to make a claim have not yet done so. If you believe you fall into this category, please contact us today.
Large corporates can also benefit significantly, and should revisit their R&D activities regularly to ensure that they are maximising their claims.
A successful claim will result in a refund being 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.
Our services
- We can assist your business to file an R&D claim
- Manage the claim submission process
- Draft applications, project descriptions and financial data summaries to support claims
- Follow-up with local authorities to ensure benefits materialise
- Review previous R&D tax claims where expenses may have been underestimated
Our approach
Finding and securing such incentives often requires knowledgeable advice and technical guidance. 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.
As an international business, our team can track tax incentives offered by jurisdiction and industry for innovation, research and development and capital investment. Tax incentives have become particularly vital amid the uncertainty triggered by Covid-19, governments worldwide recognise this and have expanded tax incentive programs to cushion the economic impact.
Get in touch
If you need cash to fund innovation in your business, please contact us today.
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.
Maintaining Short Term Liquidity
As the Government introduced new measures to provide support to UK businesses through a number of tax schemes. We discussed these measures as well as existing measures that can be used to help you maintain short term liquidity and cash flow, referencing the HMRC time to pay (TTP) arrangement, VAT deferments and R&D Tax Credits.
What Tax Relief is available
Now more than ever, cash flow may be a key concern for many businesses who have insufficient working capital and funding, critical to ensure business continuity.
The Importance of R & D tax credit
Most large UK businesses are being negatively impacted by the Coronavirus as a result of supply disruption, decreased demand and increased uncertainty. Cash flow is a key concern for the majority of companies with insufficient working capital and external/internal funding critical to ensure business continuity.