Many creative, technological and manufacturing companies are missing out on Research & Development Tax Relief.
IS THIS YOU?
Could you be claiming?
Despite being launched in 2000 - Research & Development Tax Credit is still a woefully underutilised Government scheme with many companies in the creative, manufacturing and technological industries unaware of the money they could be claiming through the scheme.
If your company works on innovative development projects in the science and technology sector you may be able to claim R&D Tax Credit on certain costs. Even unsuccessful projects may qualify.
What costs qualify?
A huge range of costs potentially qualify for R&D tax relief. Some of the major costs that you can claim for include staff costs such as gross salaries, NI contributions, and pension contributions, as well as the costs of external workers and agency staff.
You can make the costs of your day-to-day activities a part of your claim, including the costs of heat, light, and power. Additionally, you can claim for costs such as software that you use as a part of your R&D work. Further claims can be made for the costs of clinical trial volunteers, and also for some indirect costs such as management time.
The team at Cooden Tax Consulting can help you establish exactly what costs you can make a claim for.
Am I eligible?
If your business “seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty”, then you may be eligible to make an R&D claim.
A very large range of businesses can potentially claim R&D tax relief in industries including pharmaceuticals, communication & media, engineering, software development, cosmetics, product design, and much more.
There are actually two R&D tax relief schemes in the UK. The first is the SME Scheme, for companies employing up to 500 people with either an annual turnover not exceeding €100 (£86) million or a balance sheet not exceeding €86 (£74) million. The second is the Research and Development Expenditure Credit (RDEC), for businesses larger than those eligible for the SME Scheme.
Making a new R&D tax relief claim
If your business is investing in innovation and research, you could be rewarded with R&D tax relief.
We can help you get the tax credit you deserve. With just a 15-minute phone call we can establish if you are likely to be able to make an R&D tax relief claim. We’ll follow this up with a more in-depth discussion on how we can claim substantial tax relief or cash credit for your R&D work.
This government initiative can provide you with the money to hire extra staff, tackle more ambitious R&D projects, and grow your business further.
Already claiming R&D tax relief?
Many businesses currently claiming R&D tax relief aren’t getting everything that they could.
The hard work you are putting into innovation deserves to be properly rewarded. If you are currently making an R&D tax relief claim, there is a good chance you aren’t getting everything you deserve. At Cooden Tax Consulting, we are R&D tax relief specialists; we can help you optimise your claim.
Our years of experience adding value to our clients’ R&D tax relief claims can directly benefit your business.