Research and Development (R&D) tax credits are a useful source of money for businesses to grow. The government initiative is designed to help businesses that are investing in innovation by developing or enhancing existing products or services.
The R&D tax credit can either be claimed as a cash payment or as a reduction on your Corporation Tax by increasing the company’s tax loss position. This can really transform and empower the company’s business and is a valuable tax relief.
To be eligible, you must have a limited company that is registered to pay corporation tax and have spent money carrying out qualifying research and development activities.
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We are experts in achieving R&D tax credits and our methodology in identifying and documenting the qualifying costs has led to a 100% success rate in claims made to HMRC.
We provide expert advice on the availability of R&D tax credits, and how to manage book-keeping functions to easily extract the numerical information required for such claims, with minimal additional time costs. This includes maintaining records to account for expenditure under grants for the purposes of R&D tax claims and monitoring State Aid receipts which can affect the value of the claim.
R&D tax credits can be claimed in any industrial sector which has qualifying R&D costs with the view to undertaking a trade from that R&D activity. When putting a claim together for our clients we will look at various expenditures, including:
- Staff costs
- Subcontractors and freelancers
- Materials and consumables
- Payments made through clinical trials
Depending on whether you are classed as an SME or large company, the R&D tax credit rates you can claim and the process to make such a claim does vary. Our specialist team will be able to advise accordingly and prepare claims on your behalf, ensuring it covers everything you are qualified to claim.