Did you know that 80% of UK businesses eligible for tax credits are NOT making a claim?
Millions in R&D Funding Overlooked by Eligible Businesses in the UK
Innovation Across Sectors
In 2019, R&D Tax Credits are set to be one of the most valuable sources of business funding; this is an amazing opportunity for companies to secure extra funding and grow, but it is crucial to involve an R&D specialist at an early stage to ensure that the relief is maximised. Businesses in most sectors can claim, including Hospitality, Manufacturing, Financial Services, Food and Beverage, Technology, Design and Engineering, Automotive, the Construction sector, Printing & Packaging, Pharmaceuticals etc.
From developing internal software to overcoming production challenges, R&D is taking place in all types of projects for companies seeking to discover new scientific or technological knowledge through experimentation and work to transform, enhance, refine or just add value to a product, material, device, technology, process, or service.
R&D costs can include, subcontractors or third-party fees, in fact this is the key to the application, having someone who really knows how to get the maximum allowed cash rebate, this only comes from experience.
You can still reclaim up to 33% of your costs even if the project failed
Whilst Research & Development is taking place in many industries, it is estimated only 20% of potentially eligible companies claim the money they are entitled to under the scheme.
The incentive was designed to encourage innovation across the sector in the UK by enabling companies to increase their investment in R&D. In the run up to Brexit, in last year’s autumn budget, the government announced a £2bn increase in spending on the R&D Tax Credits initiative by 2020/21.
Yet, one of the main reasons companies are still underclaiming R&D Tax Credits relief is that there are many misconceptions about what exactly constitutes R&D in different sectors.
It is a specialist area, and when companies try to process R&D claims with general accountants (or apply direct themselves), potentially eligible areas of R&D Tax Credits work are missed because accountants have little sector specific R&D knowledge and experience.
Quickly and accurately assessing whether your business may qualify for the relief is critical to your claim’s chances of success – and that’s where working with R&D specialists can help.
A New Hassle-Free Approach
“The challenge for business owners and senior management has always been fully understanding which projects are eligible and the perception that there is limited reward due to the amount of time required preparing the claim. Most accountants have little understanding of how R&D Tax Credits can be claimed for work undertaken by firms and too many R&D Tax Credits companies still leave a huge amount of the work to the client.”
“To maximise your claim and minimise your time spent on this, let us take you to the right expert for your particular claim”
It’s key to have end-to-end management of the entire process, including the crafting of a robust account of the work undertaken (technical narrative), which forms an important part of the process. But equally important, is that this work is done with people that fully understand the area of development.
These are the results from one of our specialists
- 300+ Claims Processed in Recent Months
- All Claims To-Date Approved First Time and In Full by HMRC
- No Win – No Fee
- R&D tax credits let you reclaim up to 33% of your R&D costs regardless whether it was successful, an expert will find valid claims, where others will find nothing.
- Our experts can go back 2-3 years depending on circumstances.
It is the same as with Business Finance, apply direct and how will you know who is best suited to your business sector and your company turnover, you go in as a one-off client whereas we have access to the best people and are offered the best service, just as your business gives the best service it can to its best clients.
Get in touch with us today and we will connect you with an expert. This will simplify the process, saving you time and making sure you get your maximum entitlement, with the minimum amount of hassle.
For further details please call Mark Smillie, you are welcome to call me on my mobile 07710 466166.
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