Research and Development Tax Credits
Is my company eligible for R&D Tax Credits?
Could your business benefit from a reduced tax bill? If you are not already claiming Research and Development (R&D) Tax relief, perhaps it’s time to seriously consider it.
Many business owners are either unaware of the potential benefits of Research and Development Tax Credits, think they are difficult to claim, underestimate the potential benefits or simply don’t think their business does any research and development.
There are significant sums of money to be reclaimed by companies of all sizes, not just the large multi-national corporations, but small to medium sized (SMEs) organisations as well. So if you think you are not spending any money or resource on Research and Development activities, please think again, as you most probably are.
Can you answer any of the following qualifying questions?
- Are you undertaking a project, or projects that seek to achieve an advance within your industrial sector through the resolution of technical or scientific uncertainties?
- Can you clearly identify the advance that you are seeking?
- Can you state why the uncertainties are not able to be resolved by a competent professional?
In addition, has your organisation done any of this within the last two years?:
- Software development
- Bespoke project work for clients
- Prototype research and development
- Process Innovation
- Product Innovation
- Manufacturing Innovation
- Changes in tooling protocols
- Improved environmental benefits as a result of a new product or process
If you believe that your company has done some, or is doing some of the above, you could be eligible to claim significant sums through the R&D Tax Credits initiative.
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Some Official Headline figures (HMRC 2014)
- Since the R&D tax credit schemes were launched in 2000‐01 up until 2012‐13, over 100,000 claims had been made and more than £9.5 billion in tax relief claimed.
- By the end of 2012-13, more than 28,500 different companies had made claims under the SME (Small and Medium Enterprise) scheme since it began in 2000‐01, and over 7,000 under the large company scheme, which launched in 2002-03.
- The total amount of R&D support claimed rose to £1.4 bn – an increase of £150m from the previous year. The cost of support for the SME scheme rose by £170m from £430m to £600m, while the cost of the large company scheme declined by £20m from £790m to £770m.
- The total R&D expenditure against which claims were made amounted to £13.2bn in 2012-13, an increase of 10% from the previous year.
What are the costs for R&D Tax Credits?
Why choose us to make your claim?
What is the R&D Tax Credit claim process?
Common R&D Tax Credit claim issues
Top tips for R&D Tax Credit claim success
What are R&D Tax Credits?
R&D Tax Credit claim case studies