Research and Development Tax Credits (R&D Tax Credits) is a tax incentive put in place by the UK Government back in 2000. The purpose of Research and Development Tax Credits is to encourage companies to innovate and grow, which the Government believes is advantageous for the UK economy.
However, recent HMRC statistics have shown that many UK businesses may be missing out on R&D Tax Relief.
R&D Tax Credit Specialists
Claiming R&D Tax Credits as an SME or large organisation
If your organisation interested in claiming R&D Tax Credits, our expert team can assist.
- Businesses with a qualifying project may be able to claim a corporation tax repayment/reduction in their liability if they are carrying out qualifying R&D projects. For profitable companies, the repayment/reduction in liability is equal to 25% of the qualifying costs. For loss making companies, the claim can be up to 33% of the qualifying expenditure. Any cash repayment does not need to paid back.
- Alexander & Co work on a contingency fee basis (though fixed fee can also be quoted for if required). All initial R&D consultations are free of charge. Therefore, we only charge if HMRC accepts the claim and you get a repayment/reduction in your liability. The claim is prepared by a Chartered Tax Advisor. The claim should only take two to three hours of your time – we do all the work for you. For more information, contact our R&D Tax Credit specialists. Our fees are some of the most competitive in the industry and are always contingent on a claim being successful.
Who is eligible for R&D Tax Credits?
A common misconception is that R&D tax relief only applies to science and technology companies. However, there are a whole host of industries who can reap the benefits from R&D Tax Credits, from the hospitality industry to property. To qualify, you must be a business that:
- Seeks to advance their knowledge
- Improves a service or product
- Solves uncertainties in the process
What kind of projects qualify for Research and Development Tax Credits?
Your R&D project does not need to be unique and does not need to succeed. Examples of R&D projects where we have successfully assisted our clients include:
- The design of bespoke machinery for two different manufacturers in relation to paper products.
- The development of new bespoke software for a client’s internal accounting and operations systems. This was where a solution was not readily available in the marketplace.
- Several claims relating to new products and processes that clients have developed. This is where they are either completely new or an improvement on what is available in the marketplace.
These are just a few examples of the many claims we have undertaken. Also note that claims are available where R&D has been subcontracted out to another party. For more information, please contact us.
Get expert advice from our Research and Development Tax Credit specialists
Our specialist, in-house R&D tax relief specialists can support you with your claim. This will greatly assist, as claiming yourself can be a complicated and prolonged endeavour. We can assist you with claims for the past two accounting periods. This can often result in a large sum of corporation tax repaid or R&D tax credits.
It’s important to find out if you are eligible to make a claim immediately. This is because you do not want to miss any deadlines and potentially lose out on significant credits. For more information, contact our friendly and professional team today. Please call us on 0161 832 4841, email firstname.lastname@example.org or fill out the form below and we’ll be in touch shortly.
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