Research & Development Tax Credits - Are you eligible for 225% tax relief?!
People often think that R&D tax credits are only available to high-tech companies working at the cutting edge of science.
This is not the case.
Fundamentally, relief is available where you seek to achieve an “advance” by resolving “scientific or technological uncertainties”. Such uncertainties exist when the answer is not readily available or deducible by a “competent professional” working in the field.
Think: What does your company know how to do today that it did not know in the past? What will your company know how to do tomorrow that it does not know today?
Remember, a “competent professional” in your field may not have the skills of a top scientist, and will not have experience of other fields. For instance, the advance might involve using established technologies or materials from a different field in your own sector; a competent professional in your own field would not be expected to know how those products might perform in their new application, so R&D may be carried out.
Many companies will look to improve or develop products, processes etc, and could be resolving scientific uncertainties to do this, and they could be developing entirely new products, or processes which will help them produce products. Perhaps you are systematically testing different options or developing by trial and error; you may be conducting qualifying R&D.
Remember, up to 225% tax relief could be available as an SME, or 130% as a large company. Loss making companies can achieve a tax refund. There could therefore be a large amount for you to gain, and it is worth revisiting the opportunities, especially if you are in sectors such as manufacturing, engineering and software.
Although there are many specialist firms offering this service, the benefits of working with Ensors are:-
- Work with a firm that you already know and trust;
- The process can be integrated seamlessly into your normal corporation tax compliance work;
- A flexible approach allows us to complete as much or as little of the process as you like, depending on how much you are willing and able to complete yourself;
- Fair and transparent fee arrangements which can be on a contingent basis, and tailored to the amount of work you do yourselves;
- Total fees will often be lower than using a specialist firm, where Ensors would still have to integrate the claim into your corporation tax return.
A more detailed information sheet on the technical aspects of R&D tax credits is available.
Alternatively speak to our tax specialists to discuss whether you may be able to claim, Robert Leggett or Henry Wood
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