Adrian Young, Tax Partner at HURST Accountants gives his immediate response to today's Spending...
R&D Tax Credits
Cash flow pressures? Release cash now with a R&D tax credits claim
We can complete your r&d tax credit calculation and you could save around £46 in tax for every £100 you spend on qualifying R&D. North West based specialists, working nationally. 100% success rate.
Could your business be eligible for R&D Tax Credits?
The government is actively seeking to reward companies which invest in research and development by offering attractive tax incentives. However, despite the generous benefits on offer (including cash back from the government in certain instances) innovative companies are missing out on their entitlements.
There are two reasons why companies are not accessing these benefits:
- Many companies with the potential for very large claims are not even aware of the scheme, and
- Even those companies that do know about the scheme often wrongly assume that only companies in the science and technology sectors are entitled to the tax credits.
Do you qualify for R&D tax credits?
The answer may well be “yes.” R & D credits are available for any company which can demonstrate it is researching and introducing innovative products, or developing procedures or systems which enable them to operate more efficiently and produce higher quality products and/or services. This can be across all industries – you don’t need men in white coats working in laboratories to qualify!
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What’s in it for you?
If you are a small or medium sized company you can either get additional tax deductions on qualifying costs (saving you around £46 in tax for every £100 you spend on qualifying R&D) or, if you have tax losses, you may be able to sell these back to the government, netting cash back of £33.35 for every £100 spent on qualifying R&D.
Many of our clients have enjoyed five or six-figure sums.
Larger companies can also access benefits although these are less generous.
Why HURST for you R&D claim?
With dedicated R&D Tax specialists, HURST has already helped many of our clients to access these benefits, saving them many hundreds of thousands of pounds. We can help you identify your qualifying activities, quantify your qualifying expenditure and agree you claim with HMRC.