Research & Development Tax Relief
An incentive awarded by the government, aimed at SME businesses that commercially innovate, in order to create a scientific advancement project within the market place. The project in science or technology should introduce new, or improve existing systems, processes, products, materials and / or devices.
Administering the report relating to the advancement in the business field, to evidence the case for the research and development tax claim can be complex and this is where we come in as we have successfully piloted our own process to create the narrative report and complement this by preparing the numerical claim alongside it.
Our expertise can help, in the field of taxation and specialising in R&D tax relief claims. We can identify quickly the qualifying projects, and as accountants, we can certify the costs attributable with the supporting claim calculations, analysis and documentation in a jargon ‘free’ report. Well evident and also providing documentation for necessary record keeping purposes.
Once the claim has been approved, we can then apply the enhanced deduction 230% from profits, or for loss making businesses, claim a tax credit of up to 14.5% from ‘Surrendable loss’ for the Corporation Tax accounting period, in the Return *(percentages are based on current gov stats)
** Our R&D tax service extends to cover Research and Development Expenditure Credit (RDEC), a tax credit of 13% from 1 April 2020 for SMEs and large companies that has been subcontracted to do R&D work by a large Company.
To see if your business could be eligible and to arrange a free consultation: