Research and Development Tax Relief
If you’re innovating new products/processes for manufacturing or solving technical problems then you probably qualify for research and development tax savings.
In our experience, the tax definition of R&D is misunderstood by many accountants working in both large and small accountancy practices. We offer clients expert advice and guidance and will work directly with them in order to provide the best service and best technical input.
We help clients with the interaction between R&D Tax Relief and other financial aspects such as grants, profit extraction, business expansion, other tax reliefs and overall business strategy. No two R&D claims are the same, which is why a regular review of the R&D activities is essential to provide the maximum benefit to you.
Some of the key features of our research and development tax relief service include:
- Identifying the validity of the R&D tax relief claim.
- Helping clients identify the extent of the time spent on R&D activities.
- Considering the interaction with other tax reliefs and grants received.
- Planning for future R&D projects and advising how to maximise future claims.
- Ultimately ensuring that the maximum allowable benefits are claimed.
R&D can be a very broad term. If you’ve needed to develop a process or a product to make it cheaper, lighter, faster, greener, smarter or smaller etc and you have funded this development yourself, either through time or money or both, then we need to talk.
Typical industries where R&D tax relief is prominent include manufacturing, engineering, medical products, motorsport, software development, architecture and even food!
The R&D funding jigsaw includes:
- SMEs can claim up to 230% tax relief on qualifying expenditure
- Non-SMEs can claim 12% tax credit on qualifying expenditure
- Corporation tax rate is cut for profits from sales on which you hold a patent
- Capital Allowances up to 100% on assets used for qualifying R&D activities – including property and plant
- Tax credits paid if you have not paid any corporation tax
- Claiming grants will restrict tax relief but does not necessarily stop it completely
Navigating these opportunities can be tricky but we’re here to help guide qualifying companies to allow them to extract the maximum benefit. Isn’t it time you called on our specialist service to explore whether you stand to benefit from making a claim?
Contact us for more information on R&D Tax Relief and to discuss your requirements.