R&D – is your company missing out on tax relief?
The Research & Development (“R&D”) tax regime has been around for over 15 years but we still meet companies on a regular basis that have no idea that they are missing out on what could be some valuable cash back for money they have already spent.
The number of R&D claims and first time applicants are rising annually but there are still more companies that could be claiming where R&D has been overlooked.
What is it worth to me?
- Up to 24.7% extra tax reduction for profitable companies
- Up to 33.35% cash back for loss making companies
If you are under the Small and Medium Enterprise scheme, which the majority of companies claim under this scheme.
How do I know if I am doing R&D?
One thing is for sure, you don’t need lab technicians in white coats!
Indications that you might be doing R&D include:
- Have you made a significant improvement to an existing product?
- Have you made or attempted a improvement to your production process (e.g. tried to reduce waste, improve speeds, etc)?
- Have you performed bespoke design or engineering services for third parties?
- Have you created an unique piece of software for your or a third party business?
- Have you spent a lot of time on something that wasn’t successful?
It doesn’t matter what sector your company operates in, you could be missing out on a claim.
OK – what next?
If you think any of the above might be relevant to you, for projects done in the last 2 or 3 years, then please get in touch.
Why choose Garbutt + Elliott?
- You pay nothing unless your claim is successful
- We understand fully HMRC’s requirements, so position your project accordingly on your behalf
- We have helped our clients get over £2m in R&D tax saving/cash back in the last year alone
- We do not lock you into lengthy contracts for our services
- HMRC have never rejected one of our claims
For further information, please get in touch with our tax team 01904 464 100 – firstname.lastname@example.org
Or fill in our contact form below and one of the team will get back to you.