Could your business benefit from a reduced tax bill or cash refund from the government? If you can answer yes to any of the following questions then you may be able to claim R&D Tax Relief to do just that.
There is a common misconception that R&D Tax Relief is only available for scientific ‘white coat’ research but this is not the case. In fact it is open to all UK companies undertaking “projects” that are “seeking an advance in science and/or technology” through the “resolution of scientific and or technological uncertainty”.
If you are already claiming R&D Tax Relief you will be aware of the potential benefits. If you are an SME, for every £100,000 spent on R&D, you can trigger an additional reduction in your corporate taxable profits of £125,000 thereby reducing your company tax bill by £28,175. Alternatively, if you are loss-making, you can receive a cash refund of up to £25,000. Large companies benefit too.
Your R&D activity also doesn’t have to result in a successful product, service or internal process improvement for you to be able to file a successful claim. Even if you only investigate an idea briefly, any costs incurred in doing so could be eligible.
We will always seek to ensure that your claims are maximised and if you do not save any tax or generate a refund you will not be charged, simple as that.
We work in collaboration with an experienced external R&D tax team who specialise in this niche area and all our R&D work can be done on a no win no fee basis, including second opinions such as reviews of other professional advisors’ R&D claims. Our process will assist you in identifying qualifying projects and costs and in documenting project expenditure in a report format suitable for HM Revenue and Customs. We will also help you manage any resulting Revenue enquiries.
After an initial one hour open discussion we can generally assess within reason the merit of any potential claim or refund. For further information or to arrange for a no obligation preliminary discussion please contact us on 0151 625 2250 or email us at [email protected].
If your business makes profits from patents please get in touch for advice on how your profits could benefit from a 10% corporation tax rate and how to go about claiming it.
The patent box tax regime is being phased in over five years and by 2017/18 profits arising from qualifying intellectual property rights will be subject to an effective corporation tax rate of only 10%, just half the current small profits tax rate. Companies have been able to elect into the new regime from 1 April 2013.
We’d be happy to have a chat about how we can help your business. For an initial free consultation, please call us on 0151 625 2250 or email us at [email protected].
