The government is very keen to reward companies which invest in research and development(R&D). More companies are now eligible for R&D tax relief and the amount of tax credits that can be claimed has also increased.
However, many companies are still missing out on these significant handouts because of low awareness of R&D tax relief and misconceptions about who might be eligible to apply.
You could claim an additional tax deduction of £1.30 for every £1 spent on your research and development!
Do you qualify to claim R&D tax credits?
R&D tax credits are available for any company who can show it is researching and introducing innovative products, procedures or systems. Traditionally it has been technology, scientific, manufacturing and IT sectors who have made claims, however it can apply to businesses in any sector.
If you can answer ‘yes’ to any of the statements below you may be able to make an R&D tax claim:
- Are you moving a science or technology forward?
- Were there technical uncertainties in your project?
- Are you developing new materials, designs, products or software?
- Are you coming up with new configurations of existing materials, design or products?
- Are you developing software improvements?
- Are you making existing materials or products lighter, stronger or easier/cheaper/quicker to produce?
How much R&D tax credit can I claim?
There may be several qualifying projects within one wider R&D project. The total claim might include the staff costs (wages, pensions and training), materials, utilities (electricity and heating), outsourced research and testing or software purchased. Our R&D specialist can work out exactly how much you might be able to claim.
Research and development tax advisors
At Rouse Partners we are a west of London based firm of chartered accountants and tax advisors who, to date, have secured clients a massive £3.8m worth of tax credits under the Research and Development Tax Credit schemes.
100% success rate – we have never had an R&D tax claim turned down by HMRC!
Contact us to discuss if you might qualify and how much you could claim.
Award-winning chartered accountants offering tax, audit and advisory services.