Research and development tax relief helps businesses push into unchartered territory with unique products, innovative ideas, and comprehensive primary research. It’s not always obvious that particular activities within a business are eligible for R&D tax credits, that why we use our panel of experienced advisors combined with the BIS guidelines.
If you’re looking to claim R&D tax credit, then you’ll need a trained and experienced R&D tax credit consultant at your side.
Can I claim R&D tax credits?
Many companies don’t even realize that it’s possible to seek tax relief on your R&D expenses. Some people aren’t sure what even qualifies for R&D tax credits, so how do you know if your company is eligible?
If your organization takes part in developing and designing new products or processes, then there’s a good chance that you’ll be eligible for R&D tax credits. Alternatively, if you enhance existing products with new innovations, then you might also be eligible on the basis that you’re still performing research and development, even if it doesn’t end up in the final product or service. Lastly, if you spent a lot of time, money and effort creating functional prototypes that serve as a basis for new products, you could make a claim for R&D tax credit.
R&D tax credits can not only help you pay for new developments, but it can also assist with economic growth to boost the market and also provides a cash injection that could push you to develop new products and services. If you frequently risk a lot of time and money on research at the start of a project, there’s a good chance that your business will be eligible for R&D tax credits. Simply get in touch with us today to learn more about how our R&D tax credit consultants can guide you to a successful claim.
How do I claim R&D tax credits?
Claiming R&D tax credits is simple. You need to first gather documentation such as payroll records, information about expenses, detailed information about your R&D projects and any other documents that you think could help calculate the costs of your R&D and thus the amount of credit you research.
Since the claim can be retroactive, it’s a good idea to try and make claims on R&D expenses from previous years as well. As such, it’s best to have as many documents as possible when making your claim so that you can maximize both your chances of being accepted and also the amount of credit you can claim.
If you’re unsure about claiming R&D tax credits and want more assistance, don’t hesitate to contact us today for more information.
Who do we work with?
At Veritas Noble, we primarily work with traditional industries such as waste management, civil engineering, construction and electrical contracting. However, we’re always open to expanding our consultancy solutions to different businesses and industries. Regardless of what industry you’re in, we’re confident that we can help you make a successful R&D tax credits claim to help you cover the expenses of innovating your industry.
Businesses of all sizes and experience can claim R&D tax credits as long as you fit the criteria of developing or designing new products and processes. The definition of R&D can be fairly loose, so it’s always a good idea to present your case clearly and concisely to show that your ideas are pushing the industry forward.
Our team is small but experienced, allowing us to cover a wide range of different industries and types of companies. If you’re unsure if your type of business or R&D activities will be eligible for tax relief, then we’d be happy to work with you and provide professional consultancy services that will help you make a claim and also ensure that it’s successful.
Contact us today
So if you’re looking for reliable R&D tax credit consultants, we’re more than happy to give you a hand with your claim. Whether it’s advising you on how much you can claim, calculating your expenses or even submitting your application, we’re confident that we can help you make a successful claim on your R&D tax credit relief.
