Research & Development Tax
Research & Development Tax Relief Northampton
Research & Development tax relief can significantly reduce your company’s corporation tax bill and can even get you cashback - We have helped some of our clients do just that!
Research & Development tax credits can be claimed by almost any Limited company that invests in creating better products, processes or services. Despite this many businesses are unaware that their activities qualify for credits under the rules of the scheme.
What is Research & Development Tax Relief?
The government scheme is designed to encourage companies to innovate and grow and will reward them for developing new technologies that improve products, processes, devices, materials or services.
The Research & Development scheme is open to all UK based Limited companies, large and small, so don’t feel you are excluded because you do not employ scientists or engineers.
If you have undertaken a project in your business and have had to spend time, money and resources finding a solution, then there may well be the potential for a valuable R&D claim.
Your project does not need to be successful (aborted or failed projects can be included) and you can make a claim even if your business is unprofitable and you have not paid corporation tax.
What is the Research & Development Tax Relief Worth?
Depending on the profitability of a company the additional tax relief can deliver a repayment of up to 33% of qualifying Research & Development costs.
Costs incurred in undertaking eligible development work can qualify to include:
- Staffing costs, pension contributions, NIC and agency workers
- Consumable items – anything used up or transformed during the project
- Utility bills and certain software costs
- Sub-contractor costs
- Prototype costs.
You can make a claim for your business for the current financial year and the two preceding years, so making a claim before the year-end can be critical to avoid losing twelve months of benefit.
How can we help you?
The scheme is based on government legislation so it is important to be compliant with the rules and present all of your supporting documentation in the correct manner.
Claims that have been made for our clients have a 100% success record, we also ensure the process is as quick and efficient as possible by taking time to understand our clients’ businesses and will apply our knowledge of the scheme to capture costs and activities that others may miss.
By remaining compliant with the rules we rarely encounter any HMRC enquiries, but, for peace of mind, our service comes with the reassurance that in the unlikely event of any challenge, we will respond to HMRC on your behalf and will be there to support you and defend your claim should an enquiry escalate.
The personal touch that David Foster first brought to the account has been maintained by all of the team over the years. They all offer the same consistent approach. As the business continues to grow and diversify, the support of 10 Chartered Accountants continues to provide that extra level of guidance. Virginia, Riverman Management, London
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