Research & Development (R&D) tax relief is an incentive available to UK limited companies which encourages investment in innovation. R&D tax credits can reduce a company’s tax liability and can be backdated for previous years so can result in significant tax rebates from HMRC.
Each year TC Group completes a significant number of R&D claims for clients across a broad range of sectors and despite the scheme starting in 2000 there are still a large proportion of clients that assume it doesn’t apply to them.
During this difficult trading period we want to ensure that all clients have been properly assessed and have considered the potential benefits of making a claim so would strongly encourage you to take us up on our offer of a free R&D consultation.
The definition of R&D is broad and geared towards problem-solving, improving processes, bringing new products and services to market, or increasing efficiencies – precisely the types of activities businesses often undertake without realising they are doing R&D. There’s a strong chance you could be eligible for the relief which will get cash into your business at a time when it critically needs it.
The reward is that for every £1 spent on R&D you could get up to 33% of this back as a cash repayment from HMRC and the average claim is £51,000!
We have experience of successful R&D claims across a broad range of sectors, including:
- Warehousing;
- Construction;
- Manufacturing;
- Built Environment (Architects etc.);
- Food and Drink;
- Engineering;
- Sports equipment;
- Hospitality and marketing;
- Aggregates;
- Transport;
- Software;
- Technological instruments;
- Retail;
- Building services.
Contact us today to discuss the points raised in this post or any other concerns you have as a business owner, about your personal finances, or, as an employer now on 0330 088 7111.