If you’re concerned that filing for R&D tax credits will be too time consuming, complicated , or simply not worth the effort – you need to think again, as the average R&D tax saving is £60k for SMEs.
Research & Development tax relief is a government incentive set up to encourage businesses to investment in research, development and innovation. So, how could filing a claim for R&D Tax credits benefit you and your company?
R&D Tax Claims, has a tried and tested process for securing refunds, ensuring that minimal time and effort is needed from you, or your team when processing a claim on your behalf. Each of our clients has a dedicated Account Manager, who will have a robust understanding of their industry. The Account Manager works with the client’s internal team of project managers, technical experts and estimators, providing them with everything they need to record time spent on R&D, making the process simple and easy. Importantly, our Account Managers take the raw data and technical information collected and compile it in to a detailed report, ensuring that it complies with HMRC’s guidelines for making a successful claim.
How do I qualify?
To claim research and development tax relief, you need to be a SME (small or medium sized enterprise) with less than 500 members of staff and a turnover of under 100 million euros or a balance sheet total under 86 million euros. You also need to be able to show how your projects meet the definition of R&D, something that R&D Tax Claims are experts in, hence our 100% claim success rate.
Whether you can claim R&D tax credits depends on the size of your business and whether you have completed any suitable activities. You could be eligible if you have recently developed any products, processes or services within your business. As experts in R&D tax claims for manufacturing and engineering companies, our Account Managers are able to easily spot qualifying activity and expenditure.
What can I claim?
You can apply for an R&D tax claim based on your last two years of tax returns. The claim allows you to deduct an extra 130% of your qualifying costs from your yearly profit, as well as the normal 100% deduction, to make a total 230% deduction.
Your business can claim the costs of its projects, from the time you start working on the project, to the time that the project is resolved. To support your claim, it can benefit you to know how your project looked for an innovation in science and technology, how you had to overcome uncertainty and why your difficulty could not be worked out by a professional in the field.
Why R&D Tax Claims?
We work on a no-win no-fee basis, so we don’t receive a fee until a tax refund has been paid. We would provide an initial consultation meeting at your premises, usually lasting a couple of hours, to establish your eligibility. We can work alongside your current accountant to make your tax claim, which could be refunded within just 8-12 weeks.
If you are interested in making a claim, and want help and advice from a specialist tax relief company, give R&D Tax Claims a call today on: 0845 003 0140 or fill out our online enquiry form.
Back to News