Research & Development (R&D) – what is it and how can it benefit my company?


Here at Your Tax Shop in Tameside we pride ourselves in giving our clients the best service possible. Part of this service includes helping with tax savings. Many companies are unaware of R&D, which was launched in 2000, and can save companies THOUSANDS in tax!

Your Tax Shop has partnered up with Jumpstart and we work together to review our clients’ corporation tax bills, to see whether or not they will be eligible for R&D tax credits.

Here is some more info on what R&D is, but in the meantime if you think your company could be eligible, contact Your Tax Shop in Tax Shop at our Mossley office on 01457 837744, or our Ashton office on 0161 3395689 today.

Why You Should Be Claiming R&D Tax Credits.


In the current economic climate, it’s still surprising that more businesses don’t explore all of the tax incentives available to help lighten the burden by either reducing tax payable and or if applicable, securing a tax repayment.

If you are a company where you have people and costs associated with project activities aimed at advancing what you do, then you could be eligible for R&D tax credits.

BACKGROUND


Research and Development Tax Credits were launched back in 2000 and the scheme is administered by HMRC. The principle is very straightforward and is a win–win scenario for both the UK economy and the eligible companies. If the government can make it easier through tax relief for companies to invest in innovation, then it is more likely that these companies will undertake innovative projects to benefit their business growth and contribute to the UK’s future success and standing.

The good news is that since its launch the benefits of the scheme have increased significantly, so there has never been a better time to claim.

WHAT ARE THE BENEFITS?


R&D Tax Relief applies to both profit making companies paying Corporation Tax and also loss-making companies who are not, both are able to claim for eligible activities. Relief can be received as lowered corporation tax or in some cases as a payable cash credit. The calculations are many and varied so the simplest way to help you understand what you might get in the form of SME tax relief (dependent on a number of contributing factors of course) is around 26p for every £1 you have spent on eligible activities.

CAN YOU CLAIM?

This is where HMRC’s terminology can create confusion and probably why so many companies failed to recognise that they were eligible for tax relief, even to this day. In the words of HMRC it was created to benefit companies striving to achieve technical and scientific advances through projects that extend the current industry baseline, and where uncertainty in the outcome exists and the methods used to achieve success are not readily deducible. See what we mean? It’s not particularly clear what’s eligible and what’s not.

The simplest way to finding out whether you may be eligible to claim is asking yourself some questions like: Have we developed new tools, products or services using technology? Have we tried to improve our existing products through technical changes? At the start of a project, did we ever think ‘I’m not sure of the best way to do this’? 

HOW CAN YOU CLAIM?

The key is to identify as much eligible expenditure as you can; The more you identify, the greater the value of the relief you’ll receive from HMRC. So the ideal partnership to deliver the best results for any client is the combination of a specialist technical R&D tax relief advisory firm, who speaks both your language and HMRC’s; and your accountant. In collaboration they can manage the assessment, preparation and submission on your behalf, ensuring you receive the biggest return for the least possible effort.

We’ve partnered with industry specialists Jumpstart, who provide R&D tax relief assistance for UK businesses. Jumpstart has a proven track record in making robust, successful, compliant R&D tax relief claims. They know what to claim, how to claim and, perhaps most importantly of all, the many pitfalls to avoid.

If you think you may be eligible, we can put you in touch with an expert member of the Jumpstart team, safe in the knowledge that if you don’t ultimately qualify for R&D tax relief you won’t owe anyone a penny. Please contact one of our team on 01457 837744 or 0161 3395686.

Research & Development (R&D) – what is it and how can it benefit my company?


Here at Your Tax Shop in Tameside we pride ourselves in giving our clients the best service possible. Part of this service includes helping with tax savings. Many companies are unaware of R&D, which was launched in 2000, and can save companies THOUSANDS in tax!

Your Tax Shop has partnered up with Jumpstart and we work together to review our clients’ corporation tax bills, to see whether or not they will be eligible for R&D tax credits.

Here is some more info on what R&D is, but in the meantime if you think your company could be eligible, contact Your Tax Shop in Tax Shop at our Mossley office on 01457 837744, or our Ashton office on 0161 3395689 today.

Why You Should Be Claiming R&D Tax Credits.


In the current economic climate, it’s still surprising that more businesses don’t explore all of the tax incentives available to help lighten the burden by either reducing tax payable and or if applicable, securing a tax repayment.

If you are a company where you have people and costs associated with project activities aimed at advancing what you do, then you could be eligible for R&D tax credits.

BACKGROUND


Research and Development Tax Credits were launched back in 2000 and the scheme is administered by HMRC. The principle is very straightforward and is a win–win scenario for both the UK economy and the eligible companies. If the government can make it easier through tax relief for companies to invest in innovation, then it is more likely that these companies will undertake innovative projects to benefit their business growth and contribute to the UK’s future success and standing.

The good news is that since its launch the benefits of the scheme have increased significantly, so there has never been a better time to claim.

WHAT ARE THE BENEFITS?


R&D Tax Relief applies to both profit making companies paying Corporation Tax and also loss-making companies who are not, both are able to claim for eligible activities. Relief can be received as lowered corporation tax or in some cases as a payable cash credit. The calculations are many and varied so the simplest way to help you understand what you might get in the form of SME tax relief (dependent on a number of contributing factors of course) is around 26p for every £1 you have spent on eligible activities.

CAN YOU CLAIM?

This is where HMRC’s terminology can create confusion and probably why so many companies failed to recognise that they were eligible for tax relief, even to this day. In the words of HMRC it was created to benefit companies striving to achieve technical and scientific advances through projects that extend the current industry baseline, and where uncertainty in the outcome exists and the methods used to achieve success are not readily deducible. See what we mean? It’s not particularly clear what’s eligible and what’s not.

The simplest way to finding out whether you may be eligible to claim is asking yourself some questions like: Have we developed new tools, products or services using technology? Have we tried to improve our existing products through technical changes? At the start of a project, did we ever think ‘I’m not sure of the best way to do this’? 

HOW CAN YOU CLAIM?

The key is to identify as much eligible expenditure as you can; The more you identify, the greater the value of the relief you’ll receive from HMRC. So the ideal partnership to deliver the best results for any client is the combination of a specialist technical R&D tax relief advisory firm, who speaks both your language and HMRC’s; and your accountant. In collaboration they can manage the assessment, preparation and submission on your behalf, ensuring you receive the biggest return for the least possible effort.

We’ve partnered with industry specialists Jumpstart, who provide R&D tax relief assistance for UK businesses. Jumpstart has a proven track record in making robust, successful, compliant R&D tax relief claims. They know what to claim, how to claim and, perhaps most importantly of all, the many pitfalls to avoid.

If you think you may be eligible, we can put you in touch with an expert member of the Jumpstart team, safe in the knowledge that if you don’t ultimately qualify for R&D tax relief you won’t owe anyone a penny. Please contact one of our team on 01457 837744 or 0161 3395686.

Research & Development (R&D) – what is it and how can it benefit my company?


Here at Your Tax Shop in Tameside we pride ourselves in giving our clients the best service possible. Part of this service includes helping with tax savings. Many companies are unaware of R&D, which was launched in 2000, and can save companies THOUSANDS in tax!

Your Tax Shop has partnered up with Jumpstart and we work together to review our clients’ corporation tax bills, to see whether or not they will be eligible for R&D tax credits.

Here is some more info on what R&D is, but in the meantime if you think your company could be eligible, contact Your Tax Shop in Tax Shop at our Mossley office on 01457 837744, or our Ashton office on 0161 3395689 today.

Why You Should Be Claiming R&D Tax Credits.


In the current economic climate, it’s still surprising that more businesses don’t explore all of the tax incentives available to help lighten the burden by either reducing tax payable and or if applicable, securing a tax repayment.

If you are a company where you have people and costs associated with project activities aimed at advancing what you do, then you could be eligible for R&D tax credits.

BACKGROUND


Research and Development Tax Credits were launched back in 2000 and the scheme is administered by HMRC. The principle is very straightforward and is a win–win scenario for both the UK economy and the eligible companies. If the government can make it easier through tax relief for companies to invest in innovation, then it is more likely that these companies will undertake innovative projects to benefit their business growth and contribute to the UK’s future success and standing.

The good news is that since its launch the benefits of the scheme have increased significantly, so there has never been a better time to claim.

WHAT ARE THE BENEFITS?


R&D Tax Relief applies to both profit making companies paying Corporation Tax and also loss-making companies who are not, both are able to claim for eligible activities. Relief can be received as lowered corporation tax or in some cases as a payable cash credit. The calculations are many and varied so the simplest way to help you understand what you might get in the form of SME tax relief (dependent on a number of contributing factors of course) is around 26p for every £1 you have spent on eligible activities.

CAN YOU CLAIM?

This is where HMRC’s terminology can create confusion and probably why so many companies failed to recognise that they were eligible for tax relief, even to this day. In the words of HMRC it was created to benefit companies striving to achieve technical and scientific advances through projects that extend the current industry baseline, and where uncertainty in the outcome exists and the methods used to achieve success are not readily deducible. See what we mean? It’s not particularly clear what’s eligible and what’s not.

The simplest way to finding out whether you may be eligible to claim is asking yourself some questions like: Have we developed new tools, products or services using technology? Have we tried to improve our existing products through technical changes? At the start of a project, did we ever think ‘I’m not sure of the best way to do this’? 

HOW CAN YOU CLAIM?

The key is to identify as much eligible expenditure as you can; The more you identify, the greater the value of the relief you’ll receive from HMRC. So the ideal partnership to deliver the best results for any client is the combination of a specialist technical R&D tax relief advisory firm, who speaks both your language and HMRC’s; and your accountant. In collaboration they can manage the assessment, preparation and submission on your behalf, ensuring you receive the biggest return for the least possible effort.

We’ve partnered with industry specialists Jumpstart, who provide R&D tax relief assistance for UK businesses. Jumpstart has a proven track record in making robust, successful, compliant R&D tax relief claims. They know what to claim, how to claim and, perhaps most importantly of all, the many pitfalls to avoid.

If you think you may be eligible, we can put you in touch with an expert member of the Jumpstart team, safe in the knowledge that if you don’t ultimately qualify for R&D tax relief you won’t owe anyone a penny. Please contact one of our team on 01457 837744 or 0161 3395686.