FINANCE


Is your business eligble to take advantage of R&D?


Scott Burkinshaw (pictured), Head of Business Taxes at Chamber patron Shorts, assesses the looming deadline for R&D claims and the reasons eligible businesses shouldn’t miss out.


For companies with March year- ends, the two-year window is about to close for Research and Development (R&D) tax relief claims. Companies can claim R&D tax


reliefs for an accounting period ended within the past two years, which means that any company with a March accounting date has until 31 March 2019 to potentially make a claim for qualifying expenditure incurred for the year ended 31 March 2017. R&D tax reliefs provide


companies with the opportunity to claim generous tax savings for their innovative activities. Opportunities for making a claim are often overlooked, with business owners overestimating the level of innovation required to claim. Projects qualifying for R&D relief include those seeking an appreciable improvement in science or technology. To check


whether you may be able to claim R&D tax reliefs, you can download our eligibility checklist at www.shorts-uk.com


ELIGIBILITY CHECKLIST So, if you are paying technical staff to solve technical problems there may be scope to claim if you are: • Modifying a manufacturing process


• Developing bespoke software


• Creating a new product or improving an existing one Eligible companies can obtain


tax relief on qualifying expenditure either by reducing taxable profits or creating (or increasing) tax losses which can be sacrificed to HMRC in return for a cash repayment. The relief available is very


generous and an SME incurring £100k of qualifying costs could


save in the region of £25k in tax. Our Radius specialists focus on quickly and concisely assessing a company’s eligibility to claim Research and Development tax reliefs. They will then ensure that your claim is completed as painlessly as possible, is compliant (we have a 100% success rate) and is maximised.


OUR RADIUS TEAM • Includes an ex HMRC inspector who specialised in reviewing and processing R&D tax relief claims - have your claim pre-checked before submitting


• An R&D tax relief partner to the Sheffield, Barnsley and Rotherham and East Midlands Chambers of Commerce


• Claims prepared by true R&D tax relief specialists, not general tax advisers or accountants


• Robust quality control procedures to ensure that claims are fully compliant


• Have never had a claim rejected by HMRC


So, if your business has a 31


March year end, why not speak to a member of Shorts’ Radius team and find out just how easy it is to make your business's innovation pay.


business network February 2019 65


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