Firstly Research and Development (R&D) tax relief is a government tax incentive set up. This is to compensate innovative companies for costs they have incurred in this area of their business.
Secondly and annually the R&D tax credit scheme provides around £1 billion in tax incentives. This is to encourage investment in innovation in companies in the UK.
The more investment that is made in research and technology, the more significant the benefits become both to an individual company. This can only benefit the wider UK economy.
Generally it is a common misconception that R&D Tax Relief is only available to companies who are working in new technologies or have people in white coats working with test tubes.
However this is not the case as the relief is available to any UK based company which incurs costs on being innovative in their respective field.
Why Should I Be Interested?
- In short a straightforward process
- Minimum intrusion into day to day running of the business
- Methodology agreed with HMRC
- In brief no upfront or submission fees
- No Fees payable at the outset
We will find out more about your business, your products and/or services, discuss your business investments and from that work out if you could be eligible to claim R&D Tax Relief.
R&D Claim Report
Once we have an understanding of the projects that are eligible for tax relief, we will prepare a report for you to review and confirm all details are correct
Submission To HMRC
Once you have approved the report, we will send it to HMRC and liaise with them directly if they raise any queries
In most cases, you will receive cheque from HMRC between 4-6 weeks after your claim has been submitted.
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