What are R&D Tax Credits?
R&D Tax Credits are an HMRC tax relief incentive, designed to inspire innovation and increase spending on R&D activities for UK companies. Essentially, if you have spent money on R&D, you are eligible to claim back a percentage of the amount spent, as either a reduction in your Corporation Tax, or as a payable amount back into your business.
We provide personalised guidance to each and every client. When it comes to R&D claims, you deserve better than a “one size fits all” model, so we ensure that you get a full review of your exact company needs.
What makes our approach different?
We offer a truly flexible approach to making a claim. From the outset, we’ll work with you to understand how R&D fits into your business, allowing us to get a deeper understanding of the finer points of your claim. Once we understand your business and R&D undertakings, we’ll work out the most efficient way of writing your claim.
This can be achieved either by us taking responsibility for the full writing of the claim, or alternatively through working with your experts to write a technical brief. Our input doesn’t stop there however, we fully manage each point of the claim – we’ll submit the claim on your behalf and make the necessary accounting entries.
As much or as little as you need.
We’re part of a wider ‘full service’ practice. This means that when we work on your claim, we’ll also provide sound business advice, all at no extra cost. As part of our service, we provide a wider view of your R&D expenditure, including other tax implications.
R&D Engineering Claims
Of all the sectors we work with, we find engineering fits best with R&D, as researching and developing new techniques is a pre-requisite of this activity. Engineering is all about creating things or making them work better than they did.
We do find that many manufacturing and engineering firms are unaware that what they do is actually R&D and not just part of their day-to-day role. That’s why it’s so important to partner with a firm who understand what it is that you do and if it qualifies for R&D tax relief.
R&D Software Claims
If you’re working on developing software, it is more than likely that some of your work qualifies for R&D tax credits. It’s one of the hardest sectors to clearly and consistently identify what is eligible under the guidelines issued by HMRC.
In order for qualifying R&D to take place, an ‘advancement’ must be made and the objective of the work must go beyond routine analysis, copying or adaptation of an existing software product or process.
R&D Construction Claims
We understand that construction is unlike any other sector. R&D in this sector has the potential to produce unqualified success, but it takes expert help to fully classify the work you’ve done and get the full tax benefits from it.