The SCR Chambers: Sheffield
R&D Tax Relief is attractive way for eligible companies to obtain substantial cashflow benefits
Assist cashflow with R&D tax relief
Tom Whitworth, Director at Radius explains how Research and Development Tax Reliefs could be a simple and effective way to improve cashflow for businesses.
Uncertainty brought about by Covid-19 means that many companies are looking for simple and effective ways of improving cashflow. One area which is definitely worth considering, is Research & Development (R&D) Tax Relief. Accessing this relief is an
incredibly attractive way for eligible companies to obtain substantial cashflow benefits. The relief can reduce Corporation Tax liabilities, generate refunds for prior year payments or, for loss making companies, create a tax credit from HMRC. Typically every £100,000 of identified
‘Claiming R&D tax relief is
simpler than you may think’
costs can lead to a tax benefit of almost £25,000. As claims can be made retrospectively for the previous two years there are considerable amounts of cash to be unlocked by innovative companies.
Completing an R&D claim ASAP could be very beneficial with HMRC expediting payments through this time. This may encourage companies to look to file their accounts and tax computations earlier, enabling an R&D claim to be submitted sooner. Another option which loss- making companies may wish to consider is bringing forward their upcoming year ends, thus enabling earlier filing of accounts, tax computations and R&D claims and accelerating repayment of any accompanying
R&D credits. Eligible companies are those making
‘appreciable’ improvements to science or
technology, which can include product development, process improvement, and advances in software development. Radius focus on ensuring the method of
preparing a claim is very straightforward and unburdening for the claimant company, enabling them to obtain the benefit for their innovative work. Our approach is to minimise the input from the claiming business through this swift process: we initially work with the company to identify the qualifying projects and costs to include within the claim, and once we have this information we produce a technical report which we submit to HMRC. Claiming R&D tax relief is simpler than you
may think and our dedicated Radius team have years of experience. So if your business is making an ‘appreciable’ improvement in technology or science, you could join the thousands of innovative companies nationally that have already benefited from R&D tax reliefs, especially right now, when saving tax is more important than ever.
For more information visit
www.shorts.uk.com/radius
Spring 2020 CHAMBERconnect 49
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76
