business focus 27
Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at
hwca.com/blog
of the month Are you claiming your R&D tax relief?
If you are in R&D, as an engineer, architect, scientist or software developer for example, are you claiming the tax relief to which you may be entitled?
The way you claim the relief depends on the size of your company – I’m focusing on the Small or Medium-sized Enterprise (SME) Scheme here.
R&D tax relief is offered to SMEs which produce innovative designs and provide solutions to technical challenges in a wide range of areas – not just pure R&D. The project must seek to advance overall knowledge or capability in a field of scientific or technological uncertainty – and not simply further the company’s own expertise.
To claim, you must be required to writes Kapil Davda, partner at Haines Watts
pay corporation tax (this therefore excludes sole traders, partnerships and LLPs) and have:
* Below €100 million turnover * Gross assets of less than €86m * Fewer than 500 staff.
You will need to provide a report and financial information about your company’s level of R&D but that, together with actually submitting and maximising the claim, can be facilitated by involving a financial expert.
You don’t have to spend money (as is the case with grant claims) in order to receive tax relief and your company doesn’t have to be making a profit. Loss-making enterprises can surrender their
R&D relief value for a tax refund of 14.5%.
You can claim even if your project didn’t reach its problem-solving objectives. Businesses can also submit a claim retrospectively, as long as it’s within two years of the end of the relevant corporation tax accounting period. If you’ve already paid your tax you might be looking at a decent cash refund.
Some companies that Haines Watts has helped have received refunds running into hundreds of thousands of pounds.
Details can be found at:
gov.uk/guidance/corporation- tax-research-and-development- rd-relief
For further information regarding this or other financial matters visit the Haines Watts' website.
Details:
hwca.com
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2016
businessmag.co.uk
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