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R&D Tax Credits. The most under claimed tax relief of them all?

Do you want to know what one of the most valuable, yet most overlooked, tax allowances for companies is? Not the best opener to any conversation is it, but as you’re here the answer is….

R&D Tax Credits

So, are you making your claim? Do you know if you’re even entitled to make a claim? Because in all honest, thousands of business don’t realise. And HMRC will potentially PAY YOU when you put a claim in. What’s not to like?!

R&D tax credits were introduced by HMRC in 2000 to assist businesses that are making Britain more inventive & productive. The problem is that, due to its name, business owners tend to link the relief with people in white coats or those who work out of Silicon Valley. Fortunately, that’s not the case.

Here are a few examples of real-life scenarios where we have seen claims:

·         Construction company that has integrated new eco-friendly technology into new build property.

·         A wholesale business developing a product that takes advantage of recycled materials.

·         An IT developer taking ocular recognition software and enabling it to assist with document preparation (alright, this is a bit Silicon Valley).

·         Testing the use of new materials in building projects that are stronger, cheaper, more environmentally friendly. Whilst still conforming with Building Regs.

In all of those scenarios the businesses have been able to add an extra 130% onto the costs incurred in the projects and offset those costs against profits to pay no Corporation Tax. Some of them even claimed a repayment of losses at 14.5% from HMRC.

To be honest, there is huge scope for businesses that are not being explored. Our best suggestion would be to have a chat about the opportunity to utilise this within your company. As a work case, we can at least rule out that a claim isn’t applicable, in which case you are no worse off but have the reassurance that you’re not missing out on something.

Jump onto a 15 minute call with our R&D specialist to get the process started for your business. Just jump across to our R&D page and you can book this in a the bottom of the page. 



 

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