Research and development is a crucial component of any business. It helps a company develop new products, push innovative ideas and also perform important industry research that can assist in decision making. However, R&D tasks can be a risky investment. Many businesses find it difficult to justify the costs of R&D despite the advantages it can give. As a result, they often grow stagnant and fail to adapt to industry demands.
That’s why R&D tax credits are so important for businesses that need to perform research and development tasks in order to stay competitive. Being able to claim back some of the expenses makes R&D far less risky. It encourages businesses to think differently and approach their products in a completely different way.
If you’re interested in claiming R&D tax relief or would like to learn more, we highly suggest that you speak with R&D tax credit specialists that can help you put together a solid claim and ensure that your application is successful.
Am I eligible for R&D tax credits?
There are lots of companies that don’t realize it’s possible to claim tax relief on R&D expenses.
To be eligible, you need to perform some kind of R&D task or process. In most cases, this means developing and designing new products. It could also mean innovating on your work processes and upgrading existing products with new innovations. As long as you’re putting time and effort into developing something new, it’ll most likely be considered research and development. If your company focuses a lot of time and money on developing new prototypes, then you’ll also be eligible for R&D tax credits.
You’ll find that R&D tax credits can convince businesses to make a push to develop brand-new products and innovate in their respective industries. If you frequently spend a lot of time and effort on researching new products or innovating existing processes, then R&D tax credits can be a great help in the way you operate your business.
How can I claim R&D tax credits?
Claiming R&D tax credits involves gathering a lot of documentation regarding your business and its R&D activities. For instance, you may need to show payroll records, expenses related to R&D, detailed logs and information about your projects and any other additional documents that could help showcase your R&D efforts.
It’s possible to claim R&D tax credits for previous years as well, so it’s helpful to present as much information as possible during your claim. This will help to maximize your chances of being accepted for R&D tax relief and also increases the amount that you could receive from your claim. If you’re unsure about how to claim R&D tax credits or the documents you need to make a successful claim then don’t hesitate to get in touch with us today to speak to an R&D tax specialist.
What industries do we work with?
Our team here at Veritas Noble is small but highly specialised, allowing us to work with a variety of different industries such as waste management, civil engineering, construction and electrical contracting. Even if your industry isn’t listed here, we’re more than happy to adapt our services and expertise to your business’s needs. We’re confident that we can help you put together a successful R&D tax relief claim. You
Since the definition of R&D can be quite loose, it’s important to look at all of the tasks that your business performs to see what could be considered research, development or innovation. This will help you present your case clearly to increase the chances that your application is accepted. Our specialists will examine your business thoroughly and examine your processes and tasks to optimize the amount of money you could claim from R&D tax relief.
You can be assured that our research and development tax credit claim process is straight forward, we have a 100& success rate so you can have full peace of mind.
Get in touch today
Our specialist consultants are more than happy to assist you with your R&D tax credit claim. No matter what stage of the claim you’re at, we’re confident that we can help you make a successful claim by helping you calculate your expenses accurately and gather the correct documents. This will ensure you get the maximum amount from your claim to help your business flourish.
