In his autumn statement, the Chancellor highlighted that research and development is a key driver for economic growth and has committed to an extra £2 billion a year of additional funding by 2020/21.
We have found that many owner managed businesses are missing out with unclaimed research and development (R&D) tax reliefs. There are potentially significant tax savings available if R&D expenditure is identified and appropriate claims made to HMRC. This could benefit your business financially and commercially.
R&D is not just confined to the laboratory men in white coats or manufacturing businesses, it also applies to many industries including engineering, IT and software developers and chemical or food producers.
Inventing a new product isn’t the only way to claim R&D relief, it could be occurring as part of the work you are already performing on a day-to-day basis, for example, adapting or changing a product design, the customization or modification of products or processes, development of software, or improvements to processes.
This relief is not automatically given by HMRC and appropriate claims with relevant information to support the claims is necessary under the Corporation Tax Self-Assessment regime. The R&D claims are subject to deadlines and if the claims are not submitted on a timely basis, then the tax reliefs will be lost.
We have experience with submitting R&D claims for a range of our clients, saving corporation tax and even submitting back-dated claims in order to gain significant repayments.
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