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 – hello@garbutt-elliott.co.uk  

Or fill in our contact form below and one of the team will get back to you.