Chamberlink
Businesses across all sectors are feeling the effects of the coronavirus lockdown, especially on their finances. However, most companies don’t realise you can start rebuilding your cash flow with Research and Development (R&D) Tax Relief.
R&D tax credits are a government incentive designed to reward companies for innovative products, processes or services in their industry.
Tax specialists Access2Funding have supported SMEs to claim over £5.5m during the lockdown period alone, and £6.4m just to the Manufacturing sector.
According to recent HMRC figures, £4.3bn was claimed through R&D tax credits, but only 6% came from the East and West Midlands combined. Deana Roberts, from bespoke bar-system manufacturers Servaclean urges others in the industry to talk to Access2Funding:
“The initial half an hour meeting with Access2Funding was one of the best half hour meetings of that year. They opened my eyes up to the continual product development and ongoing improvements that we are working on all the time. I thought the claim process seemed too time consuming before I met with Access2Funding. It’s such a small amount of time invested for such substantial returns, I really recommend other businesses talk to them.”
HMRC allows claims up to two years prior, so look into your financial year end date before talking to a tax specialist about a claim.
What type of work qualifies for Manufacturing?
• Using new materials to improve processes • Developing new coatings • Introducing automation • Improving performance
• Developing a new way to create a product with less waste
• Tweaking materials to improve efficiency
Find out if you’re eligible for tax savings or a cash injection, or book in a free review of your R&D claim with Lee Parker on: 0333 990 0125
email:
l.parker@
access2funding.co.uk or visit:
www.Access2Funding.co.uk
The Manufacturing sector, as it is generally intensive with R&D, results in an average claim value in the region of £42,000 per claim year for SMEs.
For those already claiming R&D, Lee Parker, A2F Midlands BDE, explains “HMRC are currently processing claims within five weeks, so now is the time to talk to a tax specialist about your eligibility to claim or review your current claim to check you’re not missing any potential returns.”
Lee Parker
August/September 2020 CHAMBERLINK 61
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