You could claim thousands from HMRC, thanks to R&D Tax Credits
R&D Tax Credits - you’ve either heard of them or you haven’t. But despite this generous tax rebate scheme having been around since 2000, far too many small companies in particular still haven’t heard of it.
Let’s take a look at what R&D tax relief is and who can benefit.
What are R&D Tax Credits?
What costs can be included in an R&D Tax Credit claim?
Who can claim R&D Tax Credits, and how much?
How do I make a claim for R&D Tax Credits?
The first thing to do is make sure your R&D project is actually eligible. The best way to do this is to contact a specialist R&D tax consultancy, who will discuss your claim with you and help you make a maximised claim. This is important because the claiming process is notoriously complex, and it’s very easy to over- or under-claim by accident.
Look for an R&D tax consultancy that will work with you flexibly and remotely, so you’re not limited to just those in your local area. They should also (preferably) specialise solely in R&D tax and funding, rather than being a generic accountancy firm. Also, go for one which has experience in claiming for your industry. So you may want to Google “R&D tax specialists in London” or “R&D Tax Credits in the construction sector”.
A good R&D tax claims company will also offer you a bespoke service and a very high (hopefully 100%) success rate. However, they shouldn’t require any payment upfront, instead working on a success-only fee basis. They’ll also spend time compiling and submitting your claim for you, as well as dealing with any queries along the way.
Latest HMRC statistics show that for the year ending March 2020, 85,900 UK R&D tax relief claims were made. That’s a staggering 16% increase from the previous year. And with average claims topping £55,000 even for small companies, you won’t want to miss out.