Frequently Asked Questions (FAQ)

Some of the more common questions around this are: –

Do I qualify

If you own a Limited Company that has been trading for more than 12 months and has developed new or improved existing products, processes, systems, devices or materials then there is a significant chance you will be eligible to claim for Research and Development tax relief.

Irrespective of whether your company is currently making a profit or operating at a loss, it may still be possible.

What can I claim for

Typical claim items include staff costs, consumables, utilities, travel costs and sub-contracting costs.

Specialist R&D Tax firms have a detailed understanding of Research and Development practice and legislation and will conduct a detailed audit of your business to ensure that every opportunity for Research and Development tax relief.

What could it be worth

The amount of tax relief available will depend on the amount of money being spent by the business and the profitability of the business when the work took place.

Our average claim size is in excess of £42,000

In some cases the relief can extend to around 30% return on the investment undertaken by a business in Research and Development.

The tax relief will typically take the form of a cash rebate from overpaid tax in year 1 and 2.

 

What is HMRC’s role

HMRC created Research and Development law as an incentive to encourage Limited Companies that are developing new, or appreciably improving existing, products, processes, systems and materials thereby increasing the country’s capacity for wealth and creation.

There are regional HMRC departments that will analyse and check each Research and Development report and the costs identified. HMRC are therefore very skilled at processing these claims.

Our specialist advisors liaise with them on a daily basis on your behalf. In the unlikely event of any issues being raised it is part of our commitment to you to resolve these.