Research and Development Tax Relief is an advantageous way for businesses to recover money from the expenditures incurred whilst trying to develop new or improved products and processes.
Since its inception in the year 2000, this business tax incentive that is based on the law has helped many UK businesses raise additional capital that is often re-invested into the business seeking further innovation.
The reason the incentive exists is that it is designed to encourage businesses to develop new products and services that can move their industry forward.
When this happens, it helps your business secure and benefit from achieving a competitive advantage.
Until recently, this incentive has been one of the best ways for small to medium enterprises (SMEs) and larger companies to add additional lifeblood to the company’s bottom line.
Sadly, the current Government at the time of writing this article (Conservatives) have slashed the awards for smaller businesses, yet they have increased the award for larger businesses much better able to weather economic storms.
Now, while we acknowledge the damage that has been done during Covid and the additional pressure on the country’s finances, we feel this step has been a step too far. In the workings below you will see a live R&D claim example based on the old sums compared to the new as of 1st April 2023.
RESEARCH AND DEVELOPMENT TAX CREDIT EXAMPLE | SME R&D SCHEME
Pre 31st March 2023 | Post April 2023 |
£100k Qualifying Spend | £100k Qualifying Spend |
Enhancement +130% | Enhancement +86% |
Amount claimable in every pound: 33.3p | Amount claimable in every pound: 18.6p |
CASH REBATE AWARD DUE: £33,350 | CASH REBATE AWARD DUE: £18,600 |
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SME R&D TAX CREDIT SCHEME
If you’re reading this and it’s at least two months before 1st April 2023 then to make absolutely certain your business doesn’t lose tens of thousands of pounds, contact one of our team today and we will be happy to quickly process your research and development claim.
Before the date in bold above, this is currently the most advantageous r and d tax credit claim available.
The R&D tax relief was introduced by the labour Government and has helped so many businesses over the years. We hope, in time, that a progressive Government realises the recent changes are stifling UK innovation and detracting from our Country’s ability to compete on the world stage.
For any UK businesses trying to keep afloat and improve your Company’s chances of success, we urge you to claim the SME R&D Tax Credit as soon as possible by talking with one of our specialists via this web form.
HOW DO R&D TAX CREDITS WORK
Research and Development Tax Relief or R&D Tax Credits as they are otherwise known work by allowing a business that’s projects have ticked the boxes in terms of eligible R&D to recover anywhere between 33.3p or 18.6p back in the pound depending on when you claim.
In a nutshell, if your business has spent time and money trying to improve what it does, then it would well be in your interest to get in touch with one of our team today by calling 03330 16 9002 or completing this webform and one of our expert advisors will call you back.
R&D TAX SPECIALISTS: HAMILTON WOOD AND COMPANY
Hamilton Wood and Company Manchester are multi-award-winning, leading national specialists in Research and Development Tax Relief and innovate UK grants.
Higher than average award (Safely) | Fully managed process |
Award-winning team | Limit your time involved <2hrs |
Snr. Specialist on HMRC’S R&D panel | Optimal benefit secured for our customers |
Low success fees | Robust fully prepared narrative |
100% Success | MD a fellow of UK Research and Innovation |
Ongoing Support | Low and affordable fees |
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Our R&D Tax Specialists are here to help you. If you are unsure if your business qualifies for SME R&D tax credits then get in touch with one of our R&D tax advisors now by adding your contact details to this web form.
R&D TAX CREDIT SERVICES:
We are the UK’s leading specialists when it comes to the preparation of robust R&D tax credit claims.
Benefit from added peace of mind safe in the knowledge your company is being professionally looked after by our award-winning team.
Our Managing Director is a fellow of UK Research and Innovation (UKRI). UKRI 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.
Furthermore, our Senior technical R&D tax advisor resides on HMRC’s consultation committee for R&D. He is one of a few professionals trusted to liaise with HMRC to discuss the potential impact of any changes to the R&D Tax Credit incentive.
CLAIMING RESEARCH AND DEVELOPMENT TAX CREDIT UK
Gain the support of our industry-leading team who will simplify the process of successfully claiming R&D tax relief. If you have been working on trying to improve your company and are unsure if what you have been doing constitutes eligible R&D for the purposes of an R&D claim, then get in touch with one of our friendly team today.
Our experts will quickly assess if the work you and your business have undertaken qualifies for an r and d tax credit claim.
If the work your business has done may have elements within it that may qualify, once you have provided our team with the authority to act on your behalf, we will streamline the process of professionally preparing your R&D claim.
With the experts at Hamilton Wood and Company on your side, you can relax while our team of specialists safely optimise your full true award under the rules of the prevailing R&D incentive.
For most businesses, once our experts have compiled your claim and the full supporting report has been submitted to HMRC, this will often trigger and almost immediate cash rebate from HMRC.
SCALEUP | BUSINESS GROWTH STRATEGIES
As stated, successful Research and Development tax claims will most often, provide an almost immediate cash rebate to your business.
Your business can then reinvest this money into your business’s efforts to pursue future innovation. And so, the cycle begins again. R&D claims are a kind of innovation funding service that can be leveraged by your Limited company to help increase business growth.
Most serious business owners are constantly looking for effective business growth strategies and benefitting from professionally prepared R and D tax relief claims is just one way to achieve this ambitious goal.
To ask any questions relating to the incentive and how it may help your business, please contact one of our friendly advisors today who will be happy to assist you.