R&D Tax Credit Accountants
R&D Tax Credit relief is the government’s way of rewarding businesses for their innovation, improvement and investment.
R&D Tax Credits made simple
This R&D Tax Credit scheme was setup in 2000 to incentivise companies to develop and enhance in all areas of business; from streamlining processes to producing prototypes, patents and services. Since then, the scheme has undertaken many changes.
If you are a limited company that is constantly seeking new ways to improve and drive change, then you may be entitled to claim R&D tax relief – whatever industry you are in.
Who qualifies for R&D Tax Credit?
If you run a Limited Company, then it could be eligible for R&D Tax Credit relief. It doesn’t matter if you are an SME or a large company; making a profit or even a loss; in order to qualify you must invest in developing a unique product or process over and above that of the rest of the market. It’s as easy at that!
Well almost…HMRC will want you to prove that through R&D you are seeking to overcome technological, scientific or industrial uncertainties and are looking to achieve an advancement which isn’t already being done by others in that field.
It’s important to note that your R&D project does not have to be a success in order to qualify for R&D Tax Credits, but it must be genuinely aiming to benefit your sector as a whole by doing something that has not been done before.
And here’s where Approved Accounting can help. We specialise in dealing with R&D Tax Credit claims and can guide you through the criteria, checking and advising on whether you are eligible to qualify for the scheme, and then guiding you through the claims process to give your claim the best chance of success.
What can I claim?
Depending on the size of your business, companies that fit the criteria to qualify for R&D Tax Credit are able to deduct up to 186% of eligible research and development expenses from their taxable profit, thus reducing their corporation tax bill.
Non-profit making SMEs have the option of surrendering the loss for an R&D cash credit at a rate of 10%. This increases to 14.5% for R&D intensive SMEs, i.e. those whose qualifying R&D expenditure is 30% or more of their total expenditure.
Eligible costs include staff salaries, subcontractors (at a reduced rate), software, utilities and materials. Only the portion of the cost that was specifically incurred for R&D is eligible.
Calculating an R&D tax claim can be complicated, but very worthwhile. For expert advice on how to maximise your claim, it’s important to consult a qualified accountant.
R&D Sectors We Work With...
At Approved Accounting, we can guide you through the sometimes complex process and help you claim the funding you need to carry out your valuable work.
The benefits of claiming R&D Tax Credit
Claiming Research and Development (R&D) tax relief can be a game-changer, especially for SMEs. It offers a significant financial incentive, allowing companies to recoup a portion of their R&D expenditure, thus reducing their tax liabilities or even resulting in a cash refund.
This injection of funds translates in increased cash flow to reinvest in innovation, hire new talent, develop new products or push a project to market.
Helping you with your R&D Tax Credit claims
Claiming for R&D Tax Credits can be complex, but don’t let that put you off applying.
Whether you are creating new products, services, processes, etc., or are looking to modify and improve existing ones, R&D Tax Credits could potentially provide a valuable boost to your project.
At Approved Accounting, we specialise in R&D Tax Credit claims and can offer advice to simplify the process. After all, you don’t want to undervalue your project and potentially miss out on money you’re entitled to or overclaim and run the risk of your claim being rejected.
It is far better to use an R&D Tax Credit expert like us, who can guide you through the entire process from beginning to end.
From the collection of initial information to consultation and exploration of your R&D projects, we will maximise the value of your claim and its chances of success to ensure that you receive the best tax relief results possible.
We prepare R&D Tax Credit claims regularly for our clients. We understand the importance of keeping abreast of all changes in legislation and pride ourselves on our positive relationship with HMRC.
Choose Approved Accounting for your R&D Tax Credit accounting
To find out how your company could benefit from R&D Tax Credits, please contact Approved Accounting today for advice and information regarding your claim.