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R&D Tax Credits

Are you getting your entitlement?

“R&D tax credits are the biggest single funding mechanism provided by Government for investment in business”
The Department of Business, Innovation and Skills.

What is the R&D Tax Credit Scheme and are you eligible to claim?

A recent survey covering firms within the Bioscience sector has found that at least 85% were under claiming (or not claiming at all) their entitlement under the R&D Tax credit scheme.

The Scheme allows many types of companies, not just Bioscience firms, to uplift allowable development costs by up to 100% in their tax return and can be backdated to a maximum of 2 years.  This provides a much-needed cash injection directly to the bottom line and justly rewards companies that invest in innovation and development.

Under the Scheme, if you are solving problems, providing technological solutions for customers (even if they are not eventually adopted or successful), carrying out prototyping or testing, improving processes, products or services then you may be eligible.

We work with a specialist that helps firms to claim their maximum entitlement under the R&D Tax Credit Scheme. In the last 12 months alone, they have processed claims for over 150 clients with average claims of £36k per annum for SME’s.   They work on a “no win, no fee” basis and pride themselves on their ability to maximise client benefits from both new and
earlier claims. By using a combination of accounting analysts and technical experts, they make sure that they claim for everything, leaving nothing on the table.

If you are not already claiming then they can assist you with a claim for this current year plus the past two years. If you have already claimed, then they would be happy to carry out a short review to maximise your claim and ensure that you are getting your full entitlement.

The survey also found that many accounting firms were unable to identify the full extent of R&D in their client’s businesses and frequently under-estimate claims (by up to 40% in some cases). This is because they lack the technical expertise to identify the true costs of innovation.  HMRC’s own figures show that out of 146,000 companies eligible to claim, only 8,000 are claiming anything at all, and most companies who do claim are not receiving their maximum true entitlement.

So, if you think you might be entitled to reclaim but are not sure how to go about it then give me a call and I will provide you with some free advice. Talking of which, that is why we set up I-Corporate Services, to help small growing businesses with something they normally don’t have…time! Our vision for the business is to provide entrepreneurs with help we wish we had had when starting out some thirty years ago. We use our own experience plus our contacts to provide a range of services from raising money to business planning, organisational design and marketing strategy.

Contact us if you require further details regarding R&D Tax Credits