Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects.You may have heard the term around but unfamiliar with it.
Ask yourself this, does your business do any of the following?
- Develop new products or enhance existing ones?
- Improve services?
- Develop new processes?
All these come under the scope of innovation and are eligible for R&D (short for Research & Development) tax credits
You can make an R&D tax credit claim to reduce your Corporation Tax or even get cash back if you are loss making !
To be eligible, you must be a limited company in the UK, subject to corporation tax.
Costs that qualify for R&D Relief:
- Employee salaries, including Employer’s NI, pension contributions and bonuses
- Software
- Subcontractors
- Materials
- Light, heat and power used
You can even claim for the last two completed accounting periods!
Claiming is easier than you might think, typically clients only spend a few hours of their time.
A simple three-step process for clients:
- Initial Consultation, together we identify qualifying projects
- Information gathering, collectively we find the costs to qualifying projects
- Let Chadwick’s take care of the rest. We’ll write up the reports, submit the claim and even chase HMRC on your behalf.
The scope for identifying R&D is much bigger than you might think, if you’re still not sure you qualify - contact us today for a FREE consultation: 01789 773 182
Note you will only pay us for successful claims, we typically charge around 10% of the eligible expenditure
