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There is a lot of confusion around claiming R&D tax credits, and many businesses miss out. If you’d like to find out more about R&D tax relief, and what a successful R&D claim could mean for your business, get in touch today!

What are R&D tax credits?

Research & Development (R&D) tax relief is an incentive available to UK limited companies which encourages investment in innovation. The R&D tax incentive scheme can reduce a company’s tax bill or, if a company is not in profit, provide payable cash R&D tax credits.

The common misconception about the type of activity that qualifies for R&D tax relief exists largely because the term ‘R&D’ suggests noteworthy scientific or technological advancement.

The truth is, to qualify for R&D tax relief, activity must seek to attain appreciable improvement to products, services or processes and can apply to any sector.

Much of this is fundamental to what businesses do in order to grow but many business owners overlook the potential for an R&D claim as they see the activity as just a necessary part of the sales and tendering process.

 

Claiming R&D tax credits

R&D tax credits can provide an important source of funding through cash reimbursement or tax deduction for companies developing products, processes and services. It’s one of the biggest tax reliefs available to SMEs and can be worth up to 33.35% of a company’s R&D expenditure.

The good news is that R&D claims can be made retrospectively.  You can file a retrospective claim for any R&D activity carried out in the last 2 years.

Who and what is eligible to claim R&D tax relief?

We have loads of R&D tax credits examples of companies that we’ve helped with R&D tax claims.  These research and development tax credit examples will help you understand how R&D Credits are calculated, and what it means to you and your business.  Find out more about our R&D tax relief examples here.

You may be surprised to find out the wide range of R&D qualifying expenditure that is eligible for R&D tax credits. Even failed attempts to improve products or processes can still count as R&D qualifying expenditure. To find out the types of activities that qualify for R&D tax relief click here.

How long do R&D claims take?

We work closely with HMRC and totally understand their needs, requirements and legislation. As a result, our process is well developed and you can usually expect to have cash in your bank within 4 to 6 weeks.

 

What do I do next?

Want to know whether your work qualifies for R&D tax relief?  A brief chat to us will clarify matters. There is no fee for this initial advice and there is no obligation to pursue a claim with us.

We offer a success-based fee so you pay us according to the level of return we achieve for you.

Claims can go back two tax years so the quicker you act, the more benefit you can achieve.

Why use Haines Watts for your R&D claim?

We’ve helped to identify over £90m of qualifying R&D expenditure in the past two years. Altogether, the total amount of tax we’ve saved for companies overcoming technological and scientific uncertainties stands at £21m.

We also have a 100% record in claiming R&D tax credits.

Still not sure?  Find out more about our R&D tax expertise here.

R&D Tax Credits – Find out if you’re eligible

At Haines Watts we combine experience in making R&D claims with an extensive knowledge of owner managed businesses to maximise R&D tax relief. If you would like to speak to us about research and development tax credits then contact us today!

With thousands of pounds waiting to be claimed, this could make a real difference to your business. Find out if your business is eligible to claim R&D tax relief by contacting us today, or speaking to a local Haines Watts office to explore R&D tax claims.

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