R&D Tax Credits London
What are R&D Tax Credits?
Research & Development (R&D) Tax Credits are a government incentive designed to help strengthen your business by rewarding it for striving to achieve innovation in your industry.
R&D Tax Credits were first introduced in the year 2000, so if your business has invested in its own improvement over this time and you are yet to claim, you could have missed out on tens, if not hundreds of thousands of pounds in lost tax relief as you can only recover company spend put down in the last two-open tax years.
Put simply, if you are investing in improving your industry, your products, services, systems, devices and more you can recover between 25-33% of your eligible company spend back with ongoing reductions in your corporation tax liabilities.
The UK government are keen for the business community of the United Kingdom to keep doing what its always done, and that is to develop new and improved ways of doing things or creating new game-changing innovations that will be held in high regard on the world stage.
R&D Tax Credits are by far one of the most rewarding incentives that are in place to benefit Limited companies in the UK.
As a rule of thumb, for every £100,000 your business spends on a qualifying project, you can expect to receive either a £25,000.00 reduction off your next tax bill, or if you are operating at a loss, you can ‘surrender’ this loss to trigger an almost immediate cash-rebate worth £33,350.00 from the central government with our help.
An average sum we help to secure for our SME clients is now in excess of £46,000.00, so you can see we are not talking small change here.
Many businesses are still not aware that many of their day-to-day activities could easily constitute eligible R&D and that when they realise up to 100% of people’s wages can be included, that the figures soon stack-up in their favour.
This government incentive is designed to help your business by rewarding it for taking the steps required to achieve and advance.
It is important to remember that even if your project did or didn’t quite go to plan, that you can still recover a percentage of the costs you have incurred; the government will still reward your business for trying to secure the advance as you will still be furthering your knowledge and capability which means and advance is more likely in the future.
How Do I Know If My Business Is Eligible for This Type of Relief?
All limited UK businesses in all industries technically could qualify, providing they are conducting eligible activities.
Let’s not forget that the incentive is designed to spur you on in your attempts to secure an advance within your business and industry whilst seeking to resolve any of the technical challenges that stand in the way of an advance being secured.
It is the ongoing efforts to resolve these problems with achieving an advance that is a flag that eligible R&D activity may be being carried out.
This is one of the reasons so many businesses can claim further to the activities they are carrying out without even realising it.
Let’s say you’re a business owner and you have a feeling that you can do something better, more efficient, more eco-friendly in a new or appreciably improved way, and you are having to undergo a period of trial and error, then this will most likely constitute qualifying R&D activity.
If you have been investing in developing your business and industry over the last three years and are not quite sure if your project will qualify as R&D, call the experts now on 0161 791 1401, we can help you.
What Industries Qualify?
- Care Providers
- Chemical Companies
- Civil Engineers
- Clothing Companies
- Cloud Solutions
- Construction Companies
- Electrical Engineers
- Electronics Manufacturers
- Energy Companies
- Film Production
- Food & Drink
- Fuel Companies
- Games Developers
- Injection Moulders
- Insurance Companies
- IT Development
- IT Software
- Motor Manufacturers
- Music Industry
- Printing Companies
- Prototype Developers
- Research Labs
- Telecoms Providers
- Waste Recycling
Why Use Hamilton Wood & Co?
- Our senior R&D Technical specialist resides on HMRC’s R&D Consultation Committee, so you couldn’t be in safer hands.
- We have a 100% success rate to-date.
- An average sum we secure for our clients is now in excess of £46,000.00
- We can get your award back in your business in as little as 6 to 9 weeks.
- We work on a success only basis, so if there is no eligible activity, there is no fee for our time, so it’s a risk-free process.
- We work closely with accountants on a national basis providing support in this highly complex area of tax.
- We are recognised as a leading national provider of R&D tax services.