Company Tax Credits? Surely if there’s a tax credit to be claimed you’d know about it wouldn’t you? Not necessarily.
The relief on Research and Development (R&D) has been considerably widened over the last decade. With many companies not realising that they could be benefiting from a tax reduction or even a cash payment.
What are R&D Tax Credits?
R&D stands for Research and Development. If your company is liable for corporation tax you may also qualify for R&D tax credits or R&D tax relief under the umbrella of research and development.
The Government wants companies to invest in research and development because innovation creates wealth which in turn grows the economy. By introducing R&D tax credits the UK Government are aiming to incentivise companies to invest more of their business expenditure into the R&D field.
The scheme may change slightly each year but whether you’re a small-to-medium business enterprise (SME) able to claim R&D tax credits or tax relief, or a large company claiming Research and Development Expenditure Credit (RDEC), there are generous allowances to be had.
Who Qualifies for R&D Tax Credits?
You may think that the R&D stipulation is somewhat restrictive. After all, how many research companies are there? However, research and development isn’t limited to scientific discoveries or inventions. If your organisation develops something new – a new process for example, or even a new service; if you develop a better way of doing something you already do or if your company needed to find a working solution to a problem the answer isn’t in the public domain, these are all areas where R&D tax credits could be awarded to your business.
All kinds of companies are actually undertaking R&D without even realising it.
Think You May Have an R&D Tax Claim?
If you are unsure whether you have a R&D tax credit claim there are specialists on hand to advise you. The process for claiming R&D tax credits will require evidence and documentation. At R&D Tax North West Ltd we are experts in the preparation and submission of R&D tax credit claims.
Rather than taking up the precious time of your employees in form filling why not first contact us for an assessment? In order to investigate a potential claim, we use our previous experience to quickly establish whether your organisation has a realistic R&D tax credit claim.
You can view our case studies for examples of businesses we have successfully helped make an R&D tax credit claim.
After a brief discussion we will assess your situation, identify opportunities to make a claim and establish the anticipated level of benefit that would result.
We then prepare and submit the R&D Tax Credit claim on your behalf (under the relevant scheme) and liaise with you and HMRC throughout the duration of the process.
When an R&D Tax Credit Claim Is Identified
How long the claim will take and how much your company can expect to benefit financially will depend upon many factors. Take a look at our FAQ page for more detailed information.
The big question is; can you afford not to investigate whether your company could be due R&D tax credit? Don’t delay in finding out – take advantage of the tax allowances available now.
If you have any questions get in touch with R&D Tax North West Ltd on: 01827 338 118 or fill out the contact form.