Accelerate your cash flow with R&D tax relief
HM Revenue and Customs are doing a great job at the moment in very challenging circumstances to get R&D tax relief cash into company’s bank accounts at a very quick rate. They are currently processing 95% of R&D claims within 28 days of submission.
As cash becomes increasingly tight due to the Coronavirus Pandemic R&D tax relief is a great area to help businesses access cash quickly.
What is Research and Development tax relief?
Small and Medium Sized companies who undertake qualifying R&D can get a refund from HMRC or deduction from their corporation tax bill of about 25% of their R&D expenditure. Loss making companies can get as much as 33% of the R&D expenditure back in cash from HMRC.
A common myth is that R&D tax relief is only available to companies with ‘men in white coats’ however G+E submit a large number of successful claims for a wide variety of sectors such as computer software, manufacturing, construction, food and drink as well as ‘people in white coats’. We come across a lot of companies that are doing R&D and don’t even realise it; often when developing a new product or amending existing products for new efficiencies.
As much as HMRC are processing submitted claims quickly, we recommend working with G+E to make sure a really robust claim is prepared very quickly too. We can do video conferences to discuss the R&D, establish what activities your company does that qualify and maximise the return you get from HMRC. A robust claim prepared properly is likely to access the refund quicker as HMRC are less likely to enquire into it.
Please speak to one of our R&D specialists today to maximise your R&D claim and ensure it is submitted quickly.
For more information please contact Steven Holmes, Business Tax Director, email@example.com