R&D tax credits for scientific and technological advances can be extremely complex, and there remains an enormous lack of awareness amongst businesses around the availability of tax credits. Many businesses could be claiming tax credits or making a larger claim, but simply do not realise – this can have a huge impact on a business’ ability to fund further developments.
At Cooden, we have helped a huge range of businesses across Surrey to investigate and understand the scope of their R&D work – we have then been able to provide guidance on the claiming of tax credits under qualifying projects. We are able to offer a practical interpretation to HMRC’s technical rules and regulations.
We work closely with you to understand the nature of the projects you are undertaking, to help understand the qualifying conditions and review the specific aspects of qualifying projects. From there, we can produce draft justifications for HMRC.
What is R&D Tax Relief?
Set up by the government in 2000, the R&D Tax Relief Scheme was designed to reward companies for innovation and to aid business growth. R&D Tax Credits are a resource that can be extremely valuable in helping businesses to invest and improve their research and development opportunities.
Businesses may be eligible for R&D tax relief if they spend money attempting to develop new products, services or processes, or help to advance existing ones. The tax credit can be claimed as a cash payment in the event of a tax loss in the financial year, or as a reduction in corporation tax if the company is in profit.