Posts

The Number Of New Technology Startups Is Still Soaring

, ,

New figures show that last year saw a further increase in new firms in the technology sector.

Data from Companies House released this week has shown that there were 11,864 software development and programming businesses incorporated in 2018, an increase from 10,394 the year before.

The increase has coincided with the Government’s plan to boost creativity in the UK amongst tech firms, with a huge haul of patents being recorded in the past year, and the value of the technology sector booming to more than £180 billion last year.

 

The North West sees biggest increase

Interestingly, it was not just London that saw increases, like in 2017 where the capital was seen to have a monopoly of tech firms. Instead, it was the North West that saw an incredible 48% increase in tech firms, the highest growth of any UK region.

Property prices and technological availability have meant that other parts of the UK are now seeing increases. The South East saw 1,398 firms incorporate, a two per cent rise. There were also 422 new tech firms in the East Midlands, up 22 per cent from 345 in 2017.

London saw 4,752 incorporations in this sector, representing a 14 per cent increase.

 

Technology is a key factor pre and post-Brexit

Amongst all of the uncertainties surrounding Brexit, business owners and politicians alike have consistently used the technology sector as a flag-bearer for the UK economy.

Despite the deadline of Brexit fast approaching, with negotiations seemingly coming to a halt, the Government has backed technology firms to be a key pillar of post-Union life.

This is why it has supported tech firms for the past few years, with growing emphasis on future inventions through incentives such as the Patent Box and R&D tax credits.

Samantha Holloway, CEO of R&D tax credit firm rdtaxcredit.org.uk, commented:

It is brilliant to see this positive trend of new technology businesses, despite the current economic uncertainty surrounding Brexit.

This is a clear indication that UK entrepreneurs are keen to innovate and development new products and services, and the Government is backing them.

The challenge facing these entrepreneurs in the technology arena is the ability to develop at speed and scale-up, fast. Luckily, there has never been a better time to be a business owner in the technology industry, with many funds and grants on offer, such as the R&D tax credit.

 

What are R&D tax credits?

R&D tax credits, or Research and Development tax credits, are a tax relief designed to encourage investment in research, development and innovation across the UK, particularly in technology firms. They work by reducing a company’s tax bill by a certain percentage of qualifying R&D expenditure, or by a payment in cash, again linked to qualifying R&D spend.

The tax relief was implemented in 2000 by the UK Government, and since then a staggering £21.4bn has been claimed by companies across the country, in the form of 240,000 claims.

Reports suggest that the average claim for UK SMEs for R&D tax relief hovers around £43,000 – £62,000. The claim can be backdated by up to three years, meaning if your legal business has already taken part in research and development, you could be sitting on extra cash.

They can be used as a vital part of a start-up’s cashflow, when cash is often hard to come by.

 

What qualifies for R&D tax?

If you are technology firm and answer yes to any of these questions, you are carrying out activities that count as R&D. Do you:

  • Carry out research and development in the field of technology or science?
  • Develop or design a project that overcomes difficult technological problems?
  • Create new processes, products or services?
  • Make improvements to existing processes, products or services?
  • Use emerging technology to reinvent processes, products or services?

An advancement of overall knowledge

However, sometimes simply developing new products is not enough in the field of R&D tax. Also ask yourself these qualifying questions:

  • Does the advancement extend the overall knowledge or capability in the field of science or technology and not just the law firm’s own state of knowledge or capability?
  • Does the project involve an uncertainty that competent technology professionals cannot readily resolve and where solutions are not common knowledge?

Examples of successful R&D tax claims can be projects involving the adaption of premises and software development, automation of admin, website rebuilds, and the adoption of emerging technologies within their workforce.

 

What’s the catch with R&D Tax Credits?

There are many technology firms missing out on R&D tax credits for a number of reasons. Many tech business owners are simply unaware of the tax relief, owing to lack of advertisement and promotion.

Some are underclaiming due to a lack of comprehensive understanding about some of the subtle details of the R&D guidelines. In addition to this, some tech firm owners believe R&D Tax Credits are only available for traditional research sectors, like medicine.

Many tech firm owners that we have come across simply think it is too good to be true, and there must be a catch. This is leading to many company owners missing out on this legitimate financial reward for their valuable investment within their industry. The Government itself says of R&D Tax Credits:

R&D tax credits are a tax relief designed to encourage greater R&D spending, leading in turn to greater investment in innovation. They work by either reducing a company’s liability to corporation tax or by making a payment to the company.

 

How can R&D tax help?

This is where rdtaxcredit.org.uk come in. Our experts can guide you through the R&D tax credit process, taking you through the process of which grant is right for you, knowing what you can and cannot claim for, and being able to write the perfect technical narrative which is vitally important in the claim process.

At rdtaxcredit.org.uk, we understand that beginning to think about claiming R&D Tax Credits may be a little daunting. We want to help you through the process, to ensure you receive the financial reward that the Government wants to give you.

We offer a friendly and professional approach to R&D Tax Credits which includes:

  • A free no obligation initial review.
  • 100% success rate
  • 30 day quick turnaround

Contact one of our expert advisers today for a free initial review, and see if you can claim back some much needed tax relief.

/0 Comments/by

Does Size Really Matter?

, ,

When it comes to R&D tax claims, being aware of the size category your company falls under is vitally important.

Many UK companies may want to appear bigger than they are, in the hope it attracts more business. However, when it comes to R&D tax claims, it is quite the opposite.

Your company size can greatly affect the amount you can claim via R&D tax credits. It can be quite complicated too, if you do not know what to look out for, and HMRC can potentially penalise you if you get it wrong on the application.

To ensure this doesn’t happen, our experts have outlined a few key factors in relation to company size to think about when applying for R&D tax credits.

 

What are the two types of R&D tax available?

Before delving into detail about what HMRC looks for when assessing the size of a company, it is worth noting why size matters.

There are two categories of R&D tax credits available. The Small and Medium Enterprise (SME) relief, and the large company relief, also known as the Research and Development Expenditure Credit (RDEC). Let’s look at the SME relief first.

 

SME Relief

This is the more generous of the two categories. R&D tax credits are calculated based on the company’s research and development spend. To make an R&D credit calculation, you need to identify qualifying expenditure and enhance it by the relevant rate.

The SME R&D tax relief allows companies who qualify to:

  • deduct an extra 130% of their qualifying expenditure from their yearly profit, as well as the normal 100% deduction, to make a total 230% deduction
  • claim a tax credit if the company is loss making, worth up to 14.5% of the surrenderable loss

As of January 2019, SMEs are able to claim up to 33p for every £1 spent on qualifying R&D activities. This is potentially a huge amount for many SMEs, highlighted by the fact that the average SME tax credit claim is approximately £62,000. This is not an amount to be ignored in today’s current financial climate.

 

Large Company Relief – RDEC

If you are large company, the relief is a little less generous. The RDEC rate is 12%, however, because the RDEC rate is paid net of Corporation Tax, the effective rate your large company can receive is worth 10p for every £1 spent.

Similar to the SME relief, the credit is offset against the company’s tax liability or, in some circumstances, is payable in cash.

According to the latest Government statistics, the average value of large company R&D tax credit claim was approximately £343,000.

To sum up the two categories, we have noted down the figures in a table below.

 

 

 

 

 

 

 

 

What is the definition of an SME in relation to R&D tax?

The Government has set clear guidelines in relation to which companies qualify for which category. However, these guidelines can become confusing if all factors are not considered.

HMRC define a large company as either having:

  • More than 500 employees
  • An annual turnover of €100 million or;
  • A balance sheet total under €86m

There are a few factors to bear in mind here, however. The 500 employees, for example, are classed as FTE (full-time equivalent). This means that there are two types of employees that do not contribute to the total count:

  • Employees on maternity or paternity leave
  • Apprentices

With the increase of apprenticeships over the last 15 years, it is worth noting this down as they could make up a significant part of your workforce, and this could have an impact on the amount of R&D tax relief you can claim.

 

How do linked companies interact with R&D tax?

In addition to keeping an eye for the count of employees, it is also vitally important companies keep in mind any linked or partner companies. If your company has external investors, or is in a group, it is worth checking with an R&D tax expert whether it could affect your SME status.

If, for example, your company has more than 50% of the shareholders’ or members’ voting rights in another company, the data of that company needs to be added to the data from the company putting in the R&D tax claim.

In addition to this, if 25% of the company is owned by another entity, or if the company in question owns 25% of another, it is classed as a partner company which can also complicate matters.

We often see SMEs fall foul of this particular aspect of R&D tax credits. If you are unsure about your status, our advice would be to double check with an expert before putting in a claim.

 

Is my company qualifying for R&D tax credits?

Once you’ve worked out which category you fall under, you will need to investigate if the work you are doing actually falls under the required qualifying activity criteria.

The government has set out some guidelines to help companies. These are:

Qualifying Activity:

  • Creating new products, processes or services.
  • Changing or modifying an existing product, process or service.
  • Activities aimed at obtaining new knowledge.
  • The search for alternatives for materials, devices, products, processes, systems or services.

If your business is undertaking R&D activity in relation to a specific project (even if the project is unsuccessful in the end) and the R&D activity meets the above definition of qualifying R&D, then you could be eligible for this additional tax relief.

We often come across many companies who carry out eligible R&D activities without realising that their work qualifies for this little known tax relief.

How can RDTaxCredit.org.uk help?

RDTaxCredit.org.uk understand that the process of claiming R&D tax credits can be a little complicated. That’s why we have industry experts who can guide you through the process, step-by-step, to ensure that you can claim as much tax relief as you possibly can.

We can determine whether you are an SME or large company under the government’s rules, and ensure that there are no problems or mistakes with the application.

Our experts help companies across all sectors with claiming R&D relief, leaving them with more cash to re-invest into their business. We have of experience in dealing with many SMEs and large companies across the UK.

We handle the R&D claim from start to finish and can produce the technical report on your behalf that helps R&D Tax inspectors understand your work and approve the claim more efficiently.

We offer a friendly and professional approach to R&D tax credits which includes:

  • A free no obligation initial review.
  • 100% success rate
  • 30 day quick turnaround

If you would like to contact one of our experts for free initial advice, complete the quick enquiry form to receive a no-obligation review of your R&D Tax Relief claim.

/0 Comments/by

Six Reasons Your Investors Will Love R&D Tax Credits

,

Whether you are looking for start-up funding or entering the latest round to expand your growing business, investors will look favourably at R&D tax credits.

As an SME, investment can sometimes be hard to come by, with many competitors chasing the same investors. This is why, when it comes to securing investment, any advantage you can have over your competitors is vitally important.

In this brief guide, we will explain exactly why investors love R&D tax credits, and why your company needs to consider the lesser known tax relief.

However, to fully understand why investors will appreciate R&D tax credits, first we need to understand exactly what they are.

 

What are R&D Tax Credits?

R&D (or research and development) tax credits are a government incentive which rewards companies for spending money on innovation and research within the UK. The UK Government is aware that Britain is world-renowned force in the research and development arena, but innovation is not cheap, so in 2000 they introduced the R&D tax credit.

The credits work as a tax relief, reducing a company’s tax bill by a certain percentage of qualifying R&D expenditure, or by a payment in cash, again linked to qualifying R&D spend.

These tax credits can help companies of various sizes across different industries take on new innovations and projects that can get new products onto the market, or re-invent existing products to make them more efficient.

The relief is not to be sniffed at either, with a staggering £21.4bn being claimed since 2000, in the form of 240,000 claims. Reports suggest that the average claim for UK SMEs for R&D tax relief is around £43,000 – £62,000.

So, now we know a little bit about what R&D tax credits are, how exactly are they beneficial  to your company’s investors?

 

R&D tax credits help cash flow

This is a fairly obvious point, but if your company’s tax bill is reduced or your company receives a lump sum in cash, it has a clear cash benefit. As any SME owner knows, cash is king, and in a brand new company cash flow can be crucial to its success (or failure).

This extra cash can be invested in a number of areas across your company, such as staff, technology, machinery, and further training. This can create more efficiency across the business and, in turn, can bring more profits further down the line – something any investor would be pleased to hear.

 

R&D tax credits are quick

Trying to secure funding can be a lengthy, drawn-out process. Whether through the traditional routes, or through kickstarting campaigns, it can take months for funding to actually come to fruition, during which time your company still has to carry out business as usual.

In contrast to this, R&D tax credits can be in your company’s bank much quicker. The average length, from start to finish, for a R&D tax claim is 4-6 weeks with our advisers, and then a further 4-6 weeks with HMRC once it has been accepted. This means you could have cash in your bank within two months of first getting in touch.

Investors will see money on your bottom line, and your company will be in a position of strength compared to many of your competitors.

 

R&D tax credits can extend the timeframe for funding

The cash benefits of R&D tax credits can stand you in good stead in relation to other types of funding and investment. It can allow companies to be clever about whether they delay a certain round of funding because it would be more advantageous at a later date. They also put companies in a stronger position during the various rounds of funding.

Many companies have time-bound factors when thinking about funding. For example, there often has to be at least a gap of 12 months between funding rounds. R&D tax credits allow companies to not be as desperate as they may have been without the extra cash flow.

 

R&D tax credits position you as a company investing in innovation

Investors want to be involved in a company that invests in the future of its industry. They also want to see progress within a company.

When you receive R&D tax credits, you are proving to them that your company is putting time and money aside to develop a certain area of the business, ensuring that you are one step ahead of your competitors. Investing in research and development can show onlookers that you are staying ahead of the curve.

This is invaluable to investors, knowing that they have invested in a company that can give them a return not just this year, but for many years to come.

 

R&D tax credits show you have a firm grasp of your own accounts

It’s safe to say that R&D tax credits are not the most well-known tax relief out there. This is partly due to how complex the application process can be, often putting companies off the process who do not seek professional advice.

By going through the application process, however, you can show investors that you have a firm grasp of your company finances and accounts. This is due to having to show HMRC all of the qualifying spend in relation to research and development, which could include staff wages, training investments, third-party contractor costs, IT investment and more.

Knowing exactly what you are and what you are not entitled, and having all of the accounts written down for HMRC, puts companies in good stead when investors come to look at the finer details of the company’s bottom line.

 

How can rdtaxcredit.org.uk help?

At rdtaxcredit.org.uk, we understand that beginning to think about claiming R&D Tax Credits may be a little daunting. We want to help you through the process, to ensure you receive the financial reward that the Government wants to give you. Especially in this current climate where every penny counts.

Our expert team of accountants are committed to working with you and your company to provide strategic R&D tax credit advice. We can review your claim and propose new techniques to ensure you claim the maximum amount you are entitled to.

We offer a friendly and professional approach to R&D Tax Credits which includes:

  • A free no obligation initial review.
  • 100% success rate
  • 30 day quick turnaround

We also provide extensive information on our website should you wish to research R&D Tax Credits in further detail. We have information relating to individual industries such as:

  • Audio and Visual
  • Building Technologies
  • Commercial Printing
  • Creative Digital and Media
  • Food and Beverage
  • Health
  • Manufacturing and Engineering
  • Marine
  • Motor Racing
  • Pharmaceutical
  • Software Development
  • Technology
  • Telecoms
  • Web Development

If you would like to contact one of our experts for free initial advice, complete the quick enquiry form to receive a no-obligation review of your R&D Tax Relief claim.

/0 Comments/by

Seven Tax Breaks Every Business Owner should Know

,

Running a business can be challenging at the best of times, so make a note of these helpful tax incentives to ease a bit of pressure on cashflow.

Business owners up and down the country are constantly looking for ways to save money. Whether it is saving on operating costs, having more efficient business practices, or simply increasing profit margins.

Improving a company’s tax efficiency is often something that is on the to-do list of many company directors, but with so many day-to-day tasks in a workplace, it is fair to say sometimes it gets put off. That is why we are giving you a handy guide to help you understand what tax incentives are out there for your business.

If you are not aware of these seven tax breaks, you are essentially missing out on money that is rightfully yours. Below, we will go through all the different tax incentives and reliefs.

 

  1. Value Added Tax

Value added tax (VAT) is a tax that is imposed by the government on the sales of goods and services. Businesses with an annual turnover of more than the current VAT threshold – £85,000 – must register for VAT and complete a quarterly VAT return.

After signing up to VAT, you are legally required to charge an extra rate of cost on any goods or services you sell. These rates are:

  • Standard rate – 20%
  • Reduced rate – 5%
  • Zero rate – 0%

The most common form of VAT is the standard rate, set at 20%. The benefit then comes from the fact your company can reclaim VAT when completing a tax return. VAT-registered companies can claim back output tax on goods or services bought through their company. They can also claim back input tax where they have been charged VAT by another company.

Any VAT claim can be backdated by up to four years, allowing companies to receive a lump sum in cash, helping cash flow.

It is also a misconception that small businesses below the £85,000 threshold cannot register for VAT. Any business below the threshold can voluntarily register for the tax.

 

  1. EIS & SEIS

The EIS (Enterprise Investment Scheme) is aimed at smaller, higher-risk businesses who raise finances by offering tax relief on any new shares. It is a very tax efficient way of investors investing into small companies.

People can invest up to £1,000,000 in any tax year and receive up to 30% tax relief, encouraging investment in small companies.

The SEIS (Seed Enterprise Investment Scheme) is even more generous, and aims to help companies at the very early stages of their lifecycle. Investors, including directors, can receive a tax relief of up to 50% on investments up to £100,000.

Clearly, these two schemes can be vital for small business who are thinking about securing investment.

 

  1. Enhanced Capital Allowance (ECA)

This tax relief is designed to allow businesses to be more efficient in relation to energy waste, and in turn, help the company become greener. The ECA focusses on improved technology, allowing companies to buy products on the Energy Technology List (ETL) for free, by deducting costs against any taxable profits.

These products include air to air energy recovery, heating, ventilation and air conditioning (HVAC) equipment, solar thermal systems and waste heat to electricity conversion equipment.

The equipment must be bought, not leased, and the relief does not apply to buildings or land.

You can see the full Energy Technology List here.

 

  1. Travel Expenses

Company owners and employees are both eligible to claim tax back on costs relating to business travel. The travel has to be related to outside of a normal working commute.

You can claim tax relief for money you have spent on things like:

  • public transport costs
  • hotel accommodation if you have to stay overnight
  • food and drink
  • congestion charges and tolls
  • parking fees
  • business phone calls and printing costs

HMRC state that the deductions can only be claimed on an expense that is deemed necessary to the travel, and may ask you to prove the travel in the form of receipts etc.

It is a small yet handy way to save some money, particularly if your business involves extended travelling.

 

  1. Uniform Tax relief

Many company owners do not realise that they can claim tax deductions when investing in uniforms for the business. Company owners must keep a record of uniform purchases, and the uniform must have a permanent logo of the company on the clothes.

Employees can also claim a tax rebate for the cost of maintaining and replacing their uniform.

Business owners can find out how much they might be owed by using this online calculate – here.

 

  1. Christmas party relief

The annual staff party can often be relatively expensive for business owners, but it is something which can bring staff together and increase morale. It may come as a surprise to many owners that any limited company can claim back tax relief on the cost of hosting office parties, making the celebration more affordable.

If your party follows the below criteria then you could be entitled to a tax-free subsidy for food, drink, travel or accommodation:

  • The total cost doesn’t exceed £150 per head inclusive of VAT
  • The event is primarily for entertaining staff, and
  • All employees are invited

This is often a nice surprise for many business owners, as it softens the blow at the end of the year.

 

  1. Research & Development tax credits (R&D tax credits)

R&D tax credits, or research and development tax credits, were created in 2000 by the UK government to help small and medium enterprises (SMEs) invest in innovation. Any company developing new technology can legally apply for R&D tax credits, with the credits working as a tax relief – reducing a company’s tax bill by a certain percentage of qualifying R&D expenditure, or by a payment in cash.

Since the tax relief was introduced in 2000, an incredible £21.4bn has been claimed by UK businesses. On average, an SME’s claim is equal to almost £54,000.

The research and development being completed by the company has to be focussed on advancing industry level knowledge. If the research could be carried out by a reasonably competent professional in that particular field, you may have trouble convincing HMRC of the validity of the claim.

Many SME owners simply think it is too good to be true, and there must be a catch. This is leading to many company owners missing out on this legitimate financial reward for their valuable investment within their industry.

 

How RDTaxCredit.org.uk can we help

At rdtaxcredit.org.uk, we understand that beginning to think about claiming R&D Tax Credits may be a little daunting. We want to help you through the process, to ensure you receive the financial reward that the Government wants to give you. Especially in this current climate where every penny counts.

Our expert team of accountants are committed to working with you and your company to provide strategic R&D tax credit advice. We can review your claim and propose new techniques to ensure you claim the maximum amount you are entitled to.

We offer a friendly and professional approach to R&D Tax Credits which includes:

  • A free no obligation initial review.
  • 100% success rate
  • 30 day quick turnaround

If you would like to contact one of our experts for free initial advice, complete the quick enquiry form to receive a no-obligation review of your R&D Tax Relief claim.

 

 

/0 Comments/by

Five Tips for Businesses in 2019

, ,

Five tips for businesses in 2019

 

Make sure your business gets off to the best possible start this year by following these key tips.

Getting your business off to a great start this year requires extensive planning, dedication to put the time and effort in, and a positive outlook for the year ahead. Here, we provide you and your business with five key tips to help you along the way.

 

  1. Map out your business goals

Any successful business year starts with clear, well-defined goals. Focusing on what you want to achieve, documenting it and then setting up an annual, quarterly and monthly plan to achieve those goals is a great way to get your year started.

Throughout the year, the stresses of the day-to-day often get in the way of being able to see the bigger picture. If you have thorough goals, it can remind you and your staff exactly what you are all aiming for. This then starts to feed into your business values and mission statement.

Begin your plan with a SWOT exercise. This useful analysis helps you identify areas your company succeeds in, and areas it could do better in. The acronym stands for Strengths,Weaknesses, Opportunities and Threats. Going into detail in relation to these four areas is a great way to see where you company stands going into the long year ahead.

 

After this, ensure your goals are SMART. This means your goals are:

 

  • S– specific
  • M– measurable
  • A– achievable
  • R– relevant
  • T– time-bound

 

Having SMART goals ensures that the goals are not too vague and your company is able to quickly identify any missed targets. In addition to this, progress is easier to monitor.

 

  1. Be adaptable 

If 2018 taught business owners anything, it was the need to be adaptable. The ever-changing business and political landscape means that business owners are having to use ingenuity to continue to succeed.

2019 will be no different. A good business in the current climate is a business that can change and conform to the latest standards on a nearly real-time basis. This calls for an increased emphasis on developing an understanding of the idea of flexibility and adaptability, in all parts of your business – from HR, marketing and IT, to the board room.

We are seeing leaders in the business community succeeding through their ability to:

 

  • Think creatively
  • Quickly be able to shift focus
  • Embrace change
  • Exercise emotional intelligence

 

The ability to adapt in certain commercial situations determines your level of flexibility — and possibly the heights you are able to achieve in the forthcoming year. If you have the ability to adapt in your industry, you may already be one up on your competitors.

 

  1. Embrace Video Content

It’s safe to say that business leaders are touting 2019 as the year of the video. In a recent survey across multiple sectors, a question was put to clients:

 

Where both text and video are available on the same web page, how would you prefer to learn about a product or service?

The answer?

80% video, 20% text

Video has, of course, been a vital weapon in any company’s marketing arsenal for a while now, but 2019 is shaping up to be a video takeover. According to Cisco’s Visual Networking Index, global consumer internet video traffic will account for 80 percent of all consumer internet traffic this year.

There are also now ways for businesses to embrace video without necessarily hiring costly videographers. Mobile phones are now at the cutting edge of high definition cameras, and platforms like Facebook, Instagram and YouTube mean that consumers are more used to seeing footage that is not necessarily studio quality.

Some videos trends to look out for this year are:

  • An explosion of video on website
  • Video in email
  • Live video on social platforms
  • Native video (direct to Facebook/YouTube)
  • 360-degree videos

Ensure you are catering to the 80% that said they would prefer video over this coming year.

 

  1. Health and Wellbeing in the workplace

Another area that is set to grow further in 2019 is health and wellbeing.  2018 saw the wellness world expand. People started having more open and honest conversations about mental health, working conditions, inequality and workplace biases.

 For your company to succeed in an environment where both workers and consumers are becoming more self-aware around wellbeing issues, business owners have to being thinking about their own business values, and possibly reassess how they carry out their day-to-day work.

Apple recently announced its “best of 2018” and listed self-care as the trend of the year. We believe this trend will continue into 2019, as more people realise that self-care is now essential, not an indulgence. And one dimension of self-care that has definitely been on the rise in the workplace is mindfulness practices. It’s being offered at some of the world’s biggest companies to cut workplace stress and boost productivity.

Ensure you keep a keen eye on both your staff’s, but also your own, mental wellbeing. A healthy business owner breeds a healthy business.

 

  1. Apply for R&D Tax Credits

 Our fifth and final tip for your business in 2019 is one that we have been shouting from the rooftops for a while. In the uncertainty of the following year it is now more important than ever for companies to be prudent with their tax relief efforts. Particularly when it comes to tax relief as a government incentive.

 R&D tax credits, or research and development tax credits, were created in 2000 by the UK government to help small and medium enterprises (SMEs) invest in innovation. This is due to the UK government wanting businesses to flourish and compete on a global scale.

The relief works by either reducing a company’s liability to corporation tax or by making a direct payment to the company.

The research and development has to be focussed on advancing industry level knowledge. If the research could be carried out by a reasonably competent professional in that particular field, you may have trouble convincing HMRC of the validity of the claim.

Since the tax relief was introduced in 2000, an incredible £21.4bn has been claimed by UK businesses. On average, an SME’s claim is equal to almost £54,000 – not a sum to be sniffed at.

 

How can rdtaxcredit.org.uk help?

At rdtaxcredit.org.uk, we understand that beginning to think about claiming R&D Tax Credits may be a little daunting. We want to help you through the process, to ensure you receive the financial reward that the government wants to give you. Especially in this current climate where every penny counts.

Our expert team of accountants are committed to working with you and your company to provide strategic R&D tax credit advice. We can review your claim and propose new techniques to ensure you claim the maximum amount you are entitled to.

We offer a friendly and professional approach to R&D Tax Credits which includes:

  • A free no obligation initial review.
  • 100% success rate
  • 30 day quick turnaround

We also provide extensive information on our website should you wish to research R&D Tax Credits in further detail. We have information relating to individual industries such as:

  • Audio and Visual
  • Building Technologies
  • Commercial Printing
  • Creative Digital and Media
  • Food and Beverage
  • Health
  • Manufacturing and Engineering
  • Marine
  • Motor Racing
  • Pharmaceutical
  • Software Development
  • Technology
  • Telecoms
  • Web Development

If you would like to contact one of our experts for free initial advice, complete the quick enquiry form to receive a no-obligation review of your R&D Tax Relief claim.

 

/0 Comments/by
Link to: Make A Claim

Any questions? Get in touch today on 0161 531 0007.

We offer a friendly no-obligation consultation.


Click Here To Complete The Online Enquiry Form

RDTaxCredit.org.uk is a trading style of


Registered in England & Wales Company Number 11437826. Data Protection Number ZA453238.
Address: Copious Limited, Floor 2, 9 Portland Street, Manchester M1 3BE. Telephone: (+44) 0161 531 0007.

© 2020 RDTaxCredit.org.uk

Disclaimer | Privacy Policy | Site Terms

Like most websites, RDTaxCredit.org.uk also uses cookies. A cookie is a simple text file which sit on your computer. Cookies help a website deliver a personalised responsive service and to improve the site. These cookies are extremely safe and secure and never contain any sensitive information. They are only used by RDTaxCredit.org.uk and the trusted partners we work with.

OKLearn More