Does your company carry out Research and Development?

Have you, for example, created a new product, process or service? Modified or improved an existing product, process or service? Or made a technological or scientific advance?

If so, you may qualify for R&D tax credits – which can generate significant tax benefits.

Currently, for every £1 of qualifying R&D expenditure, an SME company registered in Northern Ireland, England or Scotland can save 24.7p of corporation tax. Or if it does not have a corporation tax liability, it can cash losses in and receive a cash payment from HMRC at a rate of 14.5%. Large companies in the UK can also claim R&D tax credits.

Companies subject to corporation tax in the Republic of Ireland can also claim – the benefits are 25% of the qualifying expenditure.

The benefits are there to be claimed, although the rules relating to R&D tax incentives are both complex and subjective and also require specialist advice to ensure the claim is prepared in the correct manner and contains the information that is required.

That is where we can help you.

We have the necessary expertise and experience to assist you in preparing claims as we know what information is required and how this should be presented. We provide a full service in terms of preparing the R&D tax credit claim, with the aim of maximising the benefits that you get. The process involves us:

Having an initial no-obligations meeting with you to discuss the company’s activities and undertake an initial assessment of possible R&D activities and the potential qualifying costs

Meeting with key financial and technical staff to identify R&D projects and qualifying costs

Preparing the report to summarise the projects and qualifying costs (we do this to save you the time and effort of doing it)

Liaising with your company’s accountant to manage the submission process.

Our fees are entirely based on the claim being successful, and we will charge an agreed percentage of the financial benefit arising from the claim. If the claim does not succeed, then you will not have to pay a fee.

Should HMRC or Revenue Commissioners ask any questions in relation to the claim, then as part of our success fee we will also assist in dealing with these questions.

We can also help you reduce your company’s corporation tax liability under the Patent Box if your business has, or could apply for, a qualifying patent. Ian Farley, our Managing Director, is a Patent Box expert and has a track record of successfully advising clients in this area.

We can add real value to your business by helping to minimise the tax it has to pay.

Want to know more?

Please get in touch to arrange a no-obligation discussion.