R&D Tax Credits
What is R&D?
R&D tax relief was introduced by the government to support and incentivise innovation amongst small and medium sized UK businesses. It is still a massively under used scheme, and many businesses’ are missing out without realising.
You could be claiming back up to £33 of every £100 spent, where the expenditure qualifies as Research & Development.
But what does it all mean?
Well, it can be found in any industry – it’s not just reserved for science and tech businesses – you just need to know what you are looking for, so it’s important not to rule yourself out.
To be eligible, a business must be:
- Making a considerable improvement to existing technology, this does not always mean it is ground-breaking or innovative work. If a business is working to make their product, services, or processes, faster, less expensive, or better in some way, then this may be eligible for R&D tax relief.
- Overcoming technological challenges, especially where the solution is not immediately obvious to a qualified professional.
So where do we come in?
Brighter Futures Accountancy work with a specialist R&D Charted Tax Adviser called Tim. He runs his own company called Radish Tax that specialise in R&D claims, because they are passionate about making sure that companies do not miss out on money owed to them.
How do I make a claim?
The process is straightforward and only requires a small amount of your time.
To get started, we will identify in a 15-minute qualification call whether you can make an R&D Tax Claim.
If you qualify, great.
We would then schedule a slightly more in-depth consultation with you – around 30 minutes – to collect all the information needed to put the claim together for you.
A report is then produced.
We will make the submission to HMRC and finally the money hits your bank.
It’s that straightforward.
What are you waiting for?
Given the value this could bring back into your business, contact us below and we will get our R & D expert to arrange a 15 minute call, if only to rule it in or out.