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R&D Tax Credits are an incentive for companies to invest in innovation

What does this mean to me and my business?

By making a carefully constructed claim, we can help you reduce your corporation tax or gain a tax refund.

What is ‘Research and Development’ (R&D)?

R&D can sound like reinventing the wheel, but it just requires some simple investment in improving a process, sorting and storing data, or overcoming an obstacle in your normal day to day work. It’s much broader than most businesses imagine. Check out our examples below.

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How do I understand if I qualify?

When we review the eligibility of the claim we look at any projects you are working on and decide any of the following were/are true

When we review the eligibility of the claim, we look at any projects you are working on and decide if any of the following were/are true:

  • Was it a specific project we worked on?
  • Did we look for ‘advance in science’ and ‘technology’ in the project?
  • Did we try or actually overcome an uncertainly in the business, either in the work we do or by introducing a new process?
  • Would it have been easy for a professional in the field to overcome?

Please note that whether it was successful or not is not relevant. In fact, failure is more evidence that it was neither easy nor straightforward to develop and introduce new solutions.

How can we help you?

It’s simply astonishing how many opportunities have been missed – large numbers of businesses are missing out on significant tax breaks.

It’s true that R&D claims are complex. However, we have invested considerable time and expertise testing and developing a claim process that will result in the best possible outcomes for our clients.

We spend time with our clients, looking at projects they have worked on through the years(s) (the first claim we can cover must be within two trading years) to understand where R&D opportunities exist. and to establish there is a claim to be made.

Once that’s established, we can move forward with the full claim.

How we’ve helped our clients:

Example 1.

Simple DataBase Built

A utilities price comparison business that deals with commercial businesses. With the change in competition rules for water suppliers, our client spotted an opportunity to use the data to develop a database where they could analyse costs savings for businesses they wished to approach.

After fully exploring the associated costs, the client gained a tax benefit of £11,500 in year one and have since claimed two more similar amounts.

Example 2.

Computer Software Development

We re-assessed and resubmitted the company tax returns for a new client. This business develops software to order and develops some of their own products, not all of which make it to market. This work was quite clearly Research and Development, and we helped them make a claim for two years (when we were not their accountants!).

We made a claim over the two years, and the client received a rebate of £115,000. We fully expect a further £50,000 to £60,000 this year, provided the same work continues.

Example 3.

Security Installation and Service Company

This company takes instructions to install CCTV and Security Alarm Systems, and also carry out CCTV monitoring and servicing. Over the year they had two particularly challenging installations whereby they had to overcome uncertainties and challenging obstacles. In addition, they developed a method for CCTV monitoring that improved the way they were operating the system.

After reviewing their claim, they received £17,000 in the first year, and have continued to claim for several years thereafter.

Example 4.

Circuit Board Design and Sales Company

This project required a lot of research which did not make it to market. Our client was instructed to make a microcircuit board, and he consulted experts in the field who assured him that it could be made. Over a two-year period, it was designed and tested, redesigned and tested, and so on. He invested a considerable amount of time and money designing, producing, and testing and eventually it was agreed that it could not be done. Other parts of the business were very successful, but this investment put a strain on the cashflow.

The successful claim came to £88,000.

You do not need to have been our client for us to make a claim on your behalf. If you’re looking to focus on R&D, we can help assist you – we have also successfully made claims for previous trading years that have already been filed.

You could be unaware of a legitimate claim and we can help you recoup your costs. Contact us on our Norwich number to find out more.

Call us today

01603 627963

Want to find out more about our services for R&D Tax Credits?

Why not tell us about your business so we can create a solution tailored for you?