If you have been undertaking R&D to develop new products, processes or services and incurred costs you may be able to make a R&D Tax Credits claim.
Many companies often think that the R&D Tax Relief Scheme will not apply in their situation or they are sceptical about the potential benefits available to them and view the application process to HMRC as not worth the effort.
The reality is often very different.
Working with our R&D specialists, we have a proven track record of successfully obtaining R&D Tax Relief for UK incorporated companies from a wide range of industries.
What can you claim?
There are a number of conditions to be satisfied but generally speaking: the salary costs for those employees within the company who are carrying out the R&D; the materials used during the R&D process; the cost of power, water, fuels and software used during the R&D; and a % of the R&D sub-contracted expenditure are all expenses which form part of the R&D claim.
How much could you receive?
Up to £25 for every £100 of R&D spend can be claimed and received as a reduction in your Corporation Tax bill. Loss making companies can receive £33.35 cash back for every £100 invested in R&D. Large companies can typically claim around 10% of R&D costs back. The average pay out in the UK is just under £50,000.
Want to get started or find out more? Click here for more information
We look forward to hearing more about your breakthrough and helping you to make a successful R&D Tax Credits claim.
If you're in the process of developing an R&D project you may also qualify for R&D Grant from Scottish Enterprise. We'll discuss the R&D project and whether or not it could qualify for a grant with you during our call.