In a nutshell, the government backed R&D incentives are a way for businesses to be reimbursed for any type of development endeavour they carry out. Any company that spends money developing new processes or services; or enhancing existing ones, are eligible for either a cash payment or corporation tax reduction.
How good is that?
R&D credits are calculated based on your R&D spend. To make an R&D credit calculation, you need to identify qualifying expenditure and enhance it by the relevant rate. This produces your ‘enhanced expenditure’. The good news is, we help you through the entire process. There is no upfront costs, your business only pays if we’re successful in making a claim.
When you deduct your enhanced expenditure from your taxable profits, or add it to your loss, it will result in one of three things..
Usually the process take around 3-4 weeks from the day we start. This is enough time to run through previous expenditure, asses the claim amount and complete the report. Our team handle all of the work, we’ll need some accounts information which is detailed on our check list, you’ll receive this once we engage with your company. To ensure we’re helping your business claim the maximum eligible amount, we usually require one face to face meeting and a remote meeting once the report is completed. Our aim is to make the process, simple, efficient and financially rewarding for your business.
We work with an expert team of advisors and accountants to make sure that every cost submitted for R&D credits is eligible. For this reason, we have a 100% track record in every claim submitted to HMRC.
Sometimes you’ll be asked to supply supporting evidence for your claim such as invoices, time sheets and other business records. Rest assured we’ll work with you to submit any required additional information, ensuring the process doesn’t take up much of your precious time.
Most accountants are very good at dealing with the standard business requirements such as annual accounts and payroll but many are not familiar with the R&D scheme. We know this from our own experience of operating businesses which is why we’re so passionate about helping UK businesses. Our experience and knowledge in identifying. We know this from our own experience of operating businesses which is why we’re so passionate about helping UK businesses. Our experience and knowledge in identifying eligible activities for R&D credits is our core focus. activities for R&D credits is our core focus.
The good news is that we can arrange for R&D credits to be claimed for the previous 2 financial years, the sooner this can be done the better. We’ll then assist with preparing everything for the current financial year and supporting you and your company for as long as the R&D credit scheme is available.