R&D Tax Claims

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R&D Tax Credit Services by Hamilton Wood and Company

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Date Published: January 31, 2022
R&D Tax Credit Services - Picture of a software engineer solving technological uncertainty - Hamilton Wood and Company London Manchester (1)

We’re a small, but powerful team of business specialists who have one sole aim, to help contribute to your business’s ongoing success.

We do this through a carefully selected range of business services all designed to help improve your cash flow and business performance.

One of the most popular services that can deliver significant sums to your business is our R&D Tax Credit Service.

So, what are R&D Tax Credits?

R & D Tax Relief is a powerful business incentive that is designed to encourage more businesses to seek innovation within their industry.

If your business has been striving to develop or modify its products and services in a new way, then there may be elements of that work that could qualify for an R&D claim.

Now, this is where it gets interesting!

Why?! we hear you say…

Well, first of all, you are able to recover up to 100% of people’s wages, Class 1 National Insurance Contributions as well as the costs of consumables, utilities and software costs incurred during any R&D project.

You can easily see how quickly the figures add up in your favour.

Furthermore, when our experts have distilled all relevant information and costings down, an additional 130% relief is then due.

E.g. for every £100,000 worth of qualifying spend identified, an additional £130,000 enhanced relief is added, making the total pot of eligible R&D costs £230,000.

Sadly, with these sums involved, the industry has attracted many ‘pop-up shops’ in the last 12 months.

Thankfully Hamilton Wood and Company’s Senior R&D tax credit specialist resides on HMRC’s consultation committee for R&D.

Before any new legislation is brought in, it is one of our team who discusses directly with them the potential ramifications any changes would likely lead to.

So, with Hamilton Wood & Company you’re in safe hands.

Part of the recent consultation by HM Treasury states that a new task force is being set up focussing on pursuing businesses that have filed incorrect claims.

It has been recognised that the scheme has been prone to abuse by some businesses previously and we expect that businesses will be expected to repay what they owe, plus interest if they have submitted false or misleading claims previously.

With Hamilton Wood & Company’s award-winning R&D Tax Credit Services, we do things by the book.

We make sure that all claims we undertake have a solid basis to progress whilst also providing fully indemnified services to provide an extra level of protection should it be needed.

Recognised as trusted advisors to members of the ICAEW and ACCA, we provide our specialist advice and support to help strengthen the position of their clients’ bottom line.

We are proud of the reputation for quality we have built.  Not only is our Senior R&D consultant on HMRC’s panel for R&D, but our Managing Director is proud to be a fellow of UK Research and Innovations Peer Review College.

UK Research and Innovation is a non-departmental public body of the Government of the United Kingdom that directs research and innovation funding, funded through the science budget of the Department for Business, Energy, and Industrial Strategy.

We are at the cutting edge of Research and Innovation in the United Kingdom and are keen to see our Country continue its long and proud history of conceiving and producing world-class products and services.

The UK has developed many household names, that are the hallmark of quality globally including brands like:

There are many benefits for your company to invest in a research and development project.

Not only does this further your skillset, but it has the effect of creating a strategic advantage for your company when you achieve the advance.

In addition, you can reclaim large sums from the costs incurred whilst undertaking qualifying work.

For most forward-thinking businesses claiming ‘R and D’ Tax Relief has now become an integral part of their business plan and day-to-day operations, with the funds from successful R&D projects being directly reinvested into more qualifying R & D.

The process is cyclical and one of the most advantageous ways to use your businesses capital in order to grow the business.

HM Treasury recognises that for every pound they issue to a business, they recover much more than this on a multiplier basis.  For example, the money repaid is reinvested in a company that pays Corporation Tax.

Money is spent on buying goods, that carry duty or are otherwise spent on wages, that are then spent on goods carrying duty, fuel, food, cigarettes, alcohol etc.

It makes good economic sense for the treasury to support companies investing in research and development activities.

In recent years, UK businesses have had a great deal to contend with in terms of a changing landscape.

The financial crash of 2008 created a global recession which was felt for a long time afterwards.  More recently, the UK’s departure from the European Union has meant that the rules around trade, import and export have become more complex, and this again is being felt by UK exporters.

The Coronavirus pandemic had a huge effect on most businesses and their workforces but one of the benefits it gave business owners was time to reflect on their business and consider new products and services and possibly even new markets.

If your business was one of these businesses and faced a degree of technological or scientific uncertainty with the project, that wasn’t immediately obvious how to resolve, then talk to one of our advisors today; to help bolster your recovery from the pandemic there may be elements of the project that would allow you to recover costs.

Typically, for most qualifying projects our expert team can help you safely recover up to 33% of all identified costs with an average award now being valued at over £54,000 for most industries.

With unrivalled technical expertise, our R & D tax credit specialists will safely optimise your true R&D claim.

We provide ongoing advice and support and deal directly with HMRC, passing our verified work to your accountants so everyone is on the same page.

We are partnered with many Chartered Accountants who do not specialise in this complex area of tax law.

Benefits of our R&D Tax Credit services:

  • Leading R&D tax relief expertise
  • Snr. R &D Technical Specialist on HMRC R&D Consultancy Panel
  • Avg. Award £54,000
  • Fully indemnified service
  • We work on a success-only model
  • Low fee only due when we get you a result
  • National business service provider

To find out more regarding our R & D Tax Relief support, please call one of our team today on 03330 16 9002 or contact us via this link

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