If your company makes innovative use of science or technology to develop or significantly enhance products, services or business processes, you may be entitled to claim research & development tax credits to help offset some of the costs of your investment.
The scheme has been in place since 2000 and is designed to encourage UK businesses to invest in R&D. The benefits for those claiming can be significant.
The Government have been steadily increasing the value of this tax credit over recent years but many still don't claim.
A recent HMRC report shows that only 15,930 businesses claimed in 2013. This suggests that many businesses are missing out.
If you can answer "yes" to these 4 questions then there's a good chance you are eligible:
Are you seeking to achieve an advance in science or technology (including software development)?
Was the project subject to scientific or technological uncertainty?
Was the solution sought in a systematic and thorough fashion by an expert in the field?
Did you take a risk in undertaking the project?
With the average claim now £46k it is worth taking 15 minutes out of your busy day to see if you could claim.
Contact us now to arrange a free telephone consultation to see if you are eligible and to find out what your claim could be worth.
We can review your last 2 years claims to ensure all eligible costs have been claimed for (we often find they haven't).
We may be able to help to significantly reduce your claim costs going forward.
We offer a referral scheme if you know others who could claim.
We see our partnership with accountancy firms as an integral part of our business providing that vital technical and scientific expertise to enable your clients to submit effective, maximised R&D claims.
We provide specialist workshops and training on R&D Tax Credits for your team
Angela Tooley Consulting helps businesses claim R&D Tax Credits as an associate of RandD Tax Ltd (www.randdtax.co.uk)
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Software Development Business claim R&D tax credits
The client was not aware of the scheme or that as a software developer they might be eligible to claim. We quickly confirmed their eligibility to claim for the last 2 financial years.
We helped the client to:
Identify which costs from their last 2 years accounts they were eligible to claim.
Write the technical justification required by HMRC.
Support their accountant in putting through the claim ahead of HMRC deadlines.
Understand the process going forward so they could claim in future years.
We did all this on a "no-win, no fee" basis, the client paying a % of their claim on completion of the claim.
The client received a cash credit from HMRC which has allowed them to recruit additional staff to take advantage of opportunities out in the market.
Their accountant has a greater appreciation of this specialised tax benefit and has subsequently been able to offer our services to the benefit of other clients.
"We have introduced several of our clients to RandD Tax. They have been delighted with the efficient service and support in maximising their claims. We find RandD Tax responsive and they work really well, alongside us, re-enforcing the service we offer to our clients…We have found on average R&D specialist firms charge between 20% to 40% of the tax recovered, whereas the RandD charge is much lower"
Senior Partner, medium sized accountancy firm