Improve Cash Flow and Growth

Using R&D Claims to Improve Cash Flow and Growth 

If you’ve done your homework on the UK Government R&D Tax Relief Incentive Scheme, then you’ll know that the reason for the scheme is to encourage companies to invest in research and development activities.

This incentive isn’t just to benefit companies that conduct R&D in their usual business activities (think lab technicians and precision manufacturing), but it can also provide incentives for businesses that have undertaken R&D activities without even realising at the time (think construction companies, web developers and even new starts).

This means that there are many businesses, in many sectors, that can benefit from the R&D Tax Relief Scheme.

The problem, however, is that there are certain stigmas around making R&D claims. That the scheme itself is too complex; there isn’t the time to put a claim together; you have to outlay resources to submit an accurate claim; if the claim isn’t approved it will be a waste of time and money.

Well we’re here to tell you that’s true… unless you use the right R&D tax scheme specialist, in which case, there won’t be any risks. All your concerns over making an accurate R&D claim will be alleviated, including worries that making a claim could impact negatively on your cash flow.

So, is using a R&D tax relief specialist really worth it?

Is It Worth Using R&D Specialists for R&D Tax Claims? 

Understanding the R&D Tax Credit scheme isn’t easy, we’ll give you that. There are many interpretations of what constitutes a scientific or technological advance, not all of them correct.

Using a specialist in R&D who makes it their entire business to understand and utilise the R&D tax scheme incentive comes with more benefits than just saving you time and confusion. It also:

  • Improves cash flow

With the right R&D tax relief specialist you won’t have to pay a fee until after the benefit has been received. Therefore, businesses won’t have to part with any money for using a R&D tax specialist until they’ve actually received their tax incentive credit payment or reduction. And if you don’t receive a benefit, then you won’t have to pay a fee.

This means that the process of making R&D claims won’t have a negative impact on your cash flow. Here at R&D Tax North West Ltd, we won’t charge a fee until you receive some benefits, to ensure you can maximise your cash flow to benefit your overall business.

 

  • Increases the chances of a final approval

 

Unlike Accountants, who have a general knowledge of many tax schemes and legalities, R&D Tax Relief Scheme Specialists have an extensive and in-depth understanding of the R&D tax credit scheme, including any changes that can occur. This means that R&D tax relief specialists are better qualified to prepare and submit accurate claims that meet the complex requirements of the scheme.

In addition to this, R&D tax relief specialists like R&D Tax North West Ltd, hold years of experience with successful claims, as well as extensive technical knowledge that relate to a range of sectors, including manufacturing, renewables and energy. So, R&D Tax North West not only understand the technical jargon, methodology and rationale of your R&D projects, but also how to simplify this for the R&D Tax Claim submission.

  • Identifies every qualifying expense for maximum benefits

Not all costs incurred through R&D work qualify for R&D tax relief. In fact, there are many factors that need to be considered to determine exactly which costs qualify; for example, hire or rental costs don’t qualify, neither does expenditure on the production and distribution of goods.

A person inexperienced in preparing R&D claims may overlook a variety of costs that can be claimed. However, R&D Tax Relief Specialist can identify the optimum value of eligible costs so that you receive the maximum relief available; this includes helping you claim correct percentages for sub-contracted work and expenses for collaborative R&D projects.

  • Inspires further innovation for growth 

Despite the fact that R&D work is critical for the success of many businesses, it is often avoided due to the risks and costs involved.

Venturing into the unknown with R&D work can be daunting. However, it can be more appealing when there is the support of a financial incentive, the R&D Tax Relief Scheme, to alleviate the financial burden of conducting R&D. It’s reassuring to know that even if R&D projects are not ultimately successful, eligible costs can still be claimed.

The R&D Tax Credit Scheme is, of course, a great support to inspire businesses to conduct R&D. Not just when it comes to product innovation, but R&D that is conducted to devise new strategies, approaches, capabilities and processes that ultimately help to lower running costs and increase the financial stability of the business.

So is it worth using R&D tax specialists for R&D tax claims? Absolutely.

Not just to help improve cash flow with a no benefit, no fee policy, but to ensure your company receives the maximum benefits available so that it can continue to innovate and succeed in an increasingly competitive environment.

Want to know if a recent, or potential project, will qualify for R&D tax relief? Just ask us here.

 

Encouraging R&D with Staffordshire’s Local Specialist

If you work at a Staffordshire-based business, then you are right in the heart of the region that will benefit from the UK Government’s investment in the Midlands Engine Strategy.

The Midlands Engine Strategy, which is gaining momentum, is set to help the Midlands region including Staffordshire, Tamworth and Birmingham, to invest and maximise trade potential; supporting enterprise and innovation for a more dynamic regional economy.

Many Staffordshire businesses are planning to take advantage of the extra support provided through this strategy by undertaking research and development (R&D) work. This of course has its own rewards, such as gaining a competitive advantage, but that’s not all that makes R&D activities an appealing prospect.

R&D Tax Claims through Staffordshire R&D Specialist

Staffordshire businesses have been turning to a local Staffordshire R&D Tax Specialist, Nick Biden, to help them submit R&D claims which enable them to receive a reduction in their corporation tax bill, or a cash incentive. This not only helps mitigate  the costs incurred from R&D projects, but also helps Staffordshire businesses contribute to the success of the Midlands Engine strategy.

Unlike general accountants that hold only superficial knowledge of the R&D Tax Relief Scheme, Nick is trained and experienced in the complexities of the scheme. This means that he understands exactly which R&D activities qualify, as well as the specific details that need to be included to make R&D claims successful.

As a R&D Tax Specialist in Staffordshire, Nick holds an expert knowledge of the region’s industries and regularly works with local companies to improve R&D opportunities. With over 26 years’ experience within the industrial engineering, water, nuclear, power and process industries, Nick holds extensive knowledge in even the most complex areas of R&D.

So, whichever industry your business operates in, using an experienced Staffordshire R&D Tax Specialist like Nick, will ensure that your R&D tax claim is handled professionally, and accurately formulated to extract the optimum value of eligible costs.

R&D Services for Staffordshire Businesses

 To take advantage of future R&D activities perhaps prompted by the Midlands Engine, or to claim for R&D projects that have been conducted in the past two years, Staffordshire businesses rely on Nick for expert evaluations.

As a Staffordshire R&D Tax Specialist, Nick works with local businesses to:

  • Review previous R&D Tax Credit claims to see if claim amounts are above, below or around the average for their sector
  • Scope the potential of future R&D projects, to establish the benefits that can be achieved, including possible claim amounts
  • Prepare and submit accurate R&D tax relief claims
  • Deal with the HMRC during the period that the HMRC are considering the R&D tax claim

However, rather than having to outlay costs to start the process like other R&D tax businesses, using Nick as your Staffordshire R&D Tax Specialist means that fees are eligible for payment after the benefit has been received; supporting your Staffordshire business to maximise cash flow, in other words, no benefit, no fees.

As an experienced R&D Tax specialist in Staffordshire, Nick can also provide expert advice on activities that qualify for R&D tax credits2.

If you work in a business based in the Midlands, such as Staffordshire, Tamworth or Birmingham, then your local R&D Tax Specialist Nick Biden will work with you to identify the maximum costs that can be reclaimed from R&D activities.

To find out how you can make the most of opportunities to increase R&D activities and receive a valuable cash payment or tax reduction, contact Nick at R&D Tax North West here today.

Links

 

1: https://www.rd-tax-expert.co.uk/about/

2: Blog on website: Does My Project Qualify for R&D tax credits