50 R&D AND TAX CREDITS
MAXIMISING YOUR CLAIM
by Martin Frain Tax advisory consultant, Champion Accountants
Your competitors are cashing in on R&D Tax Relief. Are you?
Only 10 per cent of eligible firms claim tax relief for research and development – don’t be part of the 90 per cent that lose out.
We’ve helped SMEs claim more than £71million of relief – with a 100% success rate. It costs nothing to find out if you’re eligible.
T: 0161 703 2500 E:
info@championgroup.co.uk W:
www.championgroup.co.uk
We’ve offices in Preston, Blackpool, Manchester and Chester.
R&D tax relief is available to any limited company trying to achieve an advance in science or technology within their industry.
Your activity could centre on improving existing equipment, machinery, products or services.
The relief also applies to ways in which you streamline your business, so if you’ve spent time finding more efficient ways to design, manufacture or process your goods, you’re likely to be able to claim relief, too.
So, while so many businesses qualify, few know how to get their claim completely accurate to ensure they receive the maximum relief possible.
For many people – like those in engineering – their role centres on R&D, so they don’t realise that much of what they’re doing every day qualifies for relief and could hugely boost their claim figures.
Many companies don’t realise that staff salaries count towards R&D expenditure; this makes it important to keep records of time spent during research and development phases.
One such client of ours was able to claim an additional 64 per cent in tax savings by remaking their claim and accounting for necessary staffing costs.
Other qualifying expenditure includes materials and consumables, and sub-contractor costs – so keep track of this, too.
Our expert R&D tax team have years of experience making claims on behalf of our clients in a wide variety of sectors, and we make the application process hassle free by doing all the hard work for you, ensuring you don’t miss out on what’s rightfully yours.
It costs nothing to find out if you’re eligible to make a claim, so don’t waste any more time.
IT PAYS TO BE DIFFERENT
by Chris Brown Managing director, Brown & Co
Like to do things
differently?
It pays. We have made over £400,000 of R&D claims for our clients.
How much could you claim?
With HMRC calculating that the average claim is worth £57,724, R&D tax relief is a potentially lucrative cash injection for your business.
The relief is a reward for companies investing in R&D activities by providing an opportunity to claim a reduction in corporation tax or, for loss-making companies, a payable tax credit.
Currently, companies receive an additional 130 per cent tax relief on qualifying expenditure.
In simple terms, and depending on the tax position of the claimant company, this means that R&D tax relief is worth between 25 per cent and 33 per cent of qualifying expenditure.
01253 871111
www.brownandco.uk
HMRC’s definition of R&D is purposefully broad.
Whatever size or sector, if a company is taking a risk by attempting to “resolve scientific or technological uncertainties” then it may be carrying out qualifying activity.
This could include:
• Creating new products, processes or services
• Changing or modifying an existing product, process or service
If you’re not sure whether your project is scientifically or technologically possible, or you don’t know how to achieve it in practice, your work may qualify for R&D tax credits.
If you are trying to improve existing or create new products, services, or processes and you are breaking technical ground in doing so, there is a good chance you are undertaking qualifying R&D.
You can find the guidelines that HMRC itself works to by visiting
gov.uk and searching for “CIRD81900”.
In the last few years alone Brown & Co has made successful R&D claims totalling £437,105. Get in touch with us to see if your business could be eligible.
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