Do I qualify?
If you own a limited company that has been trading for more than 12 months and has developed new, or improved existing products, processes, systems, services, devices or materials, then there is a significant chance you will be eligible to claim for Research and Development Tax Credits.
Irrespective of whether your company is currently making a profit or operating at a loss, a claim could still be possible.
If you are still unsure whether you would be eligible for a claim or would like to discuss in more detail how this relates to your business, please arrange a consultation with one of our experienced advisers via the form on our home page.
What can I claim for?
Typical claim items include staff costs, consumables, utilities, travel costs and sub-contraction costs. As a specialist R&D firm, we have a detailed understanding of Research & Development practice and legislation and will conduct a detailed audit of your business to ensure that every opportunity for Research & Development tax relief is identified.
What could it be worth?
The amount of tax relief available will depend on the amount of money being spent by the business, and the profitability of the business when the work took place.
Our average claim size is in excess of Â£42,000, so we are not talking small change. In some cases, the relief can extend to around a 30% return on the investment undertaken by a business in Research & Development.
The tax relief will typically take the form of a cash rebate from overpaid tax in year 1 and then reductions to your tax liability moving forward
What is HRMC's role?
HM Revenue & Customs created Research & Development legislation as an incentive to encourage businesses that are developing new, or appreciably improving existing, products,Â processes, systems and materials â€” and thereby increasing the countryâ€™s wealth creation capacity.
There are regional departments that will analyse and check each R&D report and the costs identified.
HM Revenue & Customs are therefore very skilled at processing these claims. Our specialist advisers liaise with them on a daily basis, on your behalf, and in the unlikely event of any issues being raised it is part of our commitment to you to resolve these.
Are there any additional costs?
We charge no up-front costs, and should we fail to identify a claim then we will not charge you a fee at all. In other words, we operate on a â€˜No Win, No Feeâ€™ basis.
Also, we do not charge for submission fees so there will be no surprises when it comes to your claim being filed with HM Revenue and Customs. We also offer all clients 6-year report protection as part of our service.