R&D Tax Credits made simple with us
R&D Tax Credit relief is the government’s way of rewarding businesses for their innovation, improvement and investment. This scheme was setup in 2000 and was designed to encourage companies to develop and enhance in all areas of business; from streamlining processes to producing prototypes, patents and services.
So, if you are a limited company that is constantly seeking new ways to improve and drive change, then contact Approved Accounting today and we’ll help you reclaim tax on your research and development projects.
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 230% of eligible research and development expenses from their corporate taxes. This includes the costs of everyday expenditure such as staff salaries, subcontractors (at a reduced rate), software, utilities and materials.
If you would like to understand how much R&D tax relief your business could claim, please contact us for an expert calculation. We also have a blog post on R&D Tax Credit claims explained.
The benefits of claiming R&D Tax Credit
R&D Tax Credit relief not only provides additional deductions for your R&D costs, but it allows profitable companies to significantly reduce their taxable profits. It also means that companies currently making a loss can surrender these in return for cash payments. So, based on your R&D spend, you could receive some much-needed money to start your next big project or fund the final push to bring your 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 you put 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 dealing with R&D Tax Credit claims and can offer advice to make the process simpler for you. After all, you don’t want to under value your project and potentially miss out on money you’re entitled to, or overclaim and run the risk of your claim failing. 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, and we have a 100% success rate in claims we have submitted. 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.