Tax relief on your Research and Development costs?
So, what is it
R&D Tax Relief
This Government led initiative helps compensate companies that are pushing the boundaries of innovation – especially when it comes to the costs that those companies have incurred improving their solutions.
This Research and Development (R&D) tax incentive is a way for the Government to give something back to businesses that are improving or developing systems, materials, products, and processes.
The express intention of the Government is to boost the UK’s ability for creating wealth.
R&D tax relief could apply to any business that is operating at any level in profit or loss. This relief has the ability to help lower a companies corporation tax liability. It may even be claimed as a cash sum paid back to a company by Her Majesty’s Revenue and Customs (HMRC).
The typical costs for R&D ranges from software, utility bills, subcontracted work and staff costs. In some cases, these can make up a 130% return – even including materials.
The Process (in detail)
The Process begins with the business owner completing a ‘Client Instruction Form’ (CIF).
This is a simple document that can be completed in a matter of seconds authorising our Tax specialists to carry out initial research to establish eligibility for an R&D claim.
Our tax specialists will then arrange for a Research & Development specialist to call the company.
The specialist collects all of the information and photographic evidence required to substantiate our comprehensive R&D report.
The specialist’s role is to identify all of the R&D qualifying activities within the business.
The information is then rigorously analysed by an experienced report writer.
The report is then written in a format accepted by HMRC and submitted.
The final step is for the client to receive the initial tax benefit, and then benefit from further reductions to their tax liabilities going forward.
Our aim is to deliver an efficient and quality service with out taking
up valuable client time.
The aim is to keep client involvement to a minimum.
Drop us a line and we’ll be in touch