Could R&D Tax Relief Spearhead Innovation in your Business?
Research and Development (R&D) tax reliefs support companies from all sectors that are developing innovative solutions to address technical challenges and are also making advances in science and technology.
What is R&D Tax Relief?
R&D Tax Relief is a government initiative that supports companies working on innovative or challenging projects to overcome a technical issues. Whether your innovation was successful or not, R&D Tax Relief can be claimed regardless.
However, the guidance can be tricky and time-consuming for businesses to get their heads around. To make matters harder for businesses, HMRC sometimes inquire into a claim for R&D relief to ensure that it has been prepared correctly. From our experience at R&D Tax North West, this puts many businesses, of all sizes, off claiming. Collaborating with an expert in R&D Tax Relief could be the solution you’ve been looking for.
What counts as R&D?
This is the key question and is much broader than many companies realise. Generally you could be looking to develop a new product, service or process, or make an appreciable improvement to an existing one. This includes finding new, improved ways to do or make something that you already do. Your innovation should be a part of a project that seeks to make an advance in science or technology or could contribute to a much larger project.
However, despite many businesses already doing things that would qualify as R&D, they aren’t aware that this relief exists!
The R&D Tax Experts
We recommend using our R&D Tax Calculator to see how much your business could be claiming back, if activities are deemed eligible.
Our first step is always a conversation, as it’s important to take the time to understand your business, both technically and financially. This conversation will help us both to establish the scale of the opportunity and helps us to determine whether you should prepare and submit a claim. From there, we’ll collaborate with your business to get the knowledge needed for a successful claim in the most efficient way possible, after all you still have a business to run!
As the R&D Tax Experts, we’re passionate about ensuring our clients gain a realistic view of what benefit, if any, could be realised through R&D relief.
Getting under the skin of your R&D project
As R&D Tax Relief experts, our experience has taught us that the most effective way is to work with your staff and ask a series of targeted questions. Our approach allows us to screen opportunities effectively and truly understand your businesses R&D objectives.
We’ll gather our insight into your business in the way that best suits you. Whether it’s workshops, conference calls, one to one meetings or questionnaires, we’ll get the information needed.
An end-to-end process
Once we have completed our review we then provide you with a document which explains how the claim was prepared and the eligibility identified. We’ll also provide you with supporting information for your claim, which you would then file, either as part of your annual tax return, or an amendment.
We have helped organisations identify over £100m of R&D tax relief, if you’d like to be part of this, get in touch.