How to claim research and development tax credit.
Investing in research and development enables your company to innovate and provide pioneering solutions that help you gain a substantial edge over the competition now and in the future. Fortunately, the government looks upon the area of R&D fondly and therefore offers valuable tax relief for those that invest in it.
R&D tax credit or relief can reduce your level of corporation tax significantly and can even help you eliminate it entirely in some cases. If you have tax losses, you can claim a refund against PAYE and NIC and therefore generate extra cash for your operations when you invest in R&D. Sadly, a large number of companies are going without the tax relief they are perfectly entitled to because they don’t know they are eligible to claim it.
Contrary to what you might expect, R&D is not just for companies operating in the tech sector. We have helped companies from a wide range of sectors and industries to claim R&D tax relief, so it’s always worth getting in touch to find out where you stand even if you’re sceptical about your eligibility. You may be wondering if you can claim if you’re a subsidiary, if you don’t have a patent, if your project isn’t a success, if you have already received a grant or are making taxable losses. The good news is that you normally will be able to claim if any of these circumstances apply to you.
You will need to be liable for corporation tax to make a claim. This means it could be wise to incorporate if you’re a sole trader, LLP or partnership investing a substantial figure in R&D. The amount of relief you can get may depend on various factors, like your company size. Rates are changed in the Budget regularly, but we have the experience and expertise needed to tell you exactly where you stand no matter how the guidelines are adapted.
Your R&D project will need to ‘advance existing science and technology’ and will need to be genuinely pioneering and distinctive. The knowledge you acquire shouldn’t already be deducible by a competent professional. Why not speak to Dyer and Co today to find out if you qualify? We can help you produce a claim including a host of costs including materials, employment, energy, testing, trialling, energy, software and licencing costs. You can use the relief in many ways, including offsetting the loss to get a refund, creating a tax loss and claiming a tax repayment. We can even deal with HMRC on your behalf. You may even be eligible for Advance Assurance. The Government website features different pages on R&D for SMEs and large companies.
At Dyer and Co, we are perfectly equipped to help you make a claim for R&D tax relief. It’s vital that you get the guidance and advice you need from market-leading, highly-experienced professionals to avoid missing out on the relief, so why not contact us today to find out more? You can reach us by calling (+44) 020 8308 0777, faxing (+44) 020 8308 1777 or sending an e-mail to firstname.lastname@example.org.