75% of eligible Small Businesses are missing out on R&D Tax Relief
That was the staggering finding of some research performed by the Enterprise Research Council earlier this year when they published their 2019 review “The State of Small Business Britain”.
You can access the full report here: https://www.enterpriseresearch.ac.uk/wp-content/uploads/2019/06/02114-State-of-Small-Business-Britain-Report_June-2019-Final.pdf.
It surprises even us!
Overall the report paints a picture that most of us small business owners can see and feel for ourselves. The economic and political uncertainty caused by, dare I say it, Brexit, has dampened the enthusiasm of many a small business owner and many of their customers.
Whilst the headline above is only a small section of the review, it’s on page 9, as an expert in supporting small and medium-sized business in claiming Research and Development Tax Relief it still represented a surprise.
It was a surprise because in the last three or four years there has been something of an explosion in companies claiming. In the last tax year for which records have been collated, 2015/16, 36,820 Small and Medium-sized companies claimed more than £1.7bn in tax relief from HM Revenue and Customs. That’s an average claim of nearly £50,000.
We’ve been supporting Small and Medium-sized businesses to make claims over the last six years and in that time have helped nearly 200 companies to claim in excess of £11m from HM Revenue and customs. Our largest claim has been £1.2m and our smallest about £2,000. As far as we are concerned, if you have the potential to claim we’ll find a way to help you do it.
The process is fairly straight forward and we reckon with an initial 15-minute conversation with the owner and a competent professional in the team if that isn’t the owner, we can determine whether there are projects that have the potential to meet the eligibility criteria.
If there are we’ll send you a contract and a project review document where we’ll ask you to give us a bit more background on your project and then have an 1-2 hour meeting with the team and then request some information to collate the financial elements of the claim and then we’ll draft our report justifying why your work meets HMRC’s criteria for Research and Development.
We work on a “no claim, no fee” basis, so there is no “financial risk” that you would get a fee from us without having any “tax saving” to show for it.
Want to be in the 25%?
Well, you can either contact us directly through the website www.coodentaxconsulting.co.ukor if you’d like to have an initial 15 minute call you can arrange one, more or less at your convenience, by visiting www.calendly.com/simon-bulteel.