R&D tax relief is an initiative backed by the government that encourages companies to be innovative and grow in their sector. It works by rewarding companies with funding that have spent money developing or enhancing products and services. This gives companies capital that can then be used to help your business grow. The money that is claimed back is received as either a cash payment or a reduction in corporation tax. In order to qualify, a company needs to be able to prove they have conducted research and development (R&D) into something that has made an advance in science or technology through looking to resolve scientific or technological uncertainties.
It is easy to think this wouldn’t apply to your business but actually, qualifying HMRC R&D projects can be found in companies of all sizes and a wide range of sectors including construction, civil engineering, manufacturing and recycling. Many business owners assume they wouldn’t be eligible for this lucrative scheme however, research and development expenditure can come in many forms from staffing costs to materials costs. Don’t be one of the many business owners that miss out on the great opportunities tax incentives such as R&D tax reliefs can give your business. These benefits could include being able to hire more staff, purchase more assets and expand operations. You don’t need to have done something revolutionary either, qualifying R&D expenditure can be as simple as developing new materials, tools or concepts.
Is The Government R&D Tax Credit Scheme Worth My Time?
The claims process for the government R&D tax credit scheme can be a long, difficult process with many companies getting stuck with the paperwork, often getting confused about what they can and can’t claim for and how the process works. This is where Veritas Noble can help you. We are a team of funding specialists that can take all of the confusion out of the process, help you with all the paperwork and make the claim as quick and easy as possible. We have no upfront costs so it is completely risk-free for your business. Don’t miss out and get in touch with us today. If you’re not already convinced let’s look at a few statistics for HRMC R&D incentives:
- The government is backing the scheme more every year and pays £4.4 billion each year to companies just like yours.
- In the year 2017/2018 there were 48, 635 R&D tax credit claims. Don’t let your company be one of the ones missing out!
- The average claim for the SME scheme for R&D incentives is £49,173. This means you could be missing out on a lot of money if you are one of the many business owners that don’t realise you are eligible.
- Veritas Noble has a 100% success rate for eligible businesses.
How To claim R&D Tax Credit
For companies that are eligible for the government R&D tax credit scheme, there are two options when putting forward a claim. The first option is to do the claim yourself. Choosing this option means you won’t have to give up any sum of the money you manage to claim back, which for many companies is enough to convince them to go ahead and claim without help. The other option is to get help from financial specialists, like Veritas Noble, that can discover what types of R&D activity your company has engaged in that qualifies as R&D spend. They will then also guide you through all of the paperwork and submit the application saving you valuable time that busy business owners don’t have.
Can Any Sized Company Make a Claim?
Any company of any size could qualify for research and development tax relief, however, it works slightly differently depending on your company size. For small and medium sized enterprises, tax repayments can be claimed where tax was already paid. If you want to claim for a large company, grants can be claimed against a loss instead of within the tax which is called research and development expenditure credit (RDEC).
At Veritas Noble, we have experience working with companies of all different sizes and from a wide variety of sectors. If you are unsure whether you are eligible for this great government-backed scheme, then get in touch today and with just a few simple questions we can tell you what qualifying R&D activity your company has done. We can then help you with the application so your time can be better spent with the other sides of your business.