SME RESEARCH AND DEVELOPMENT TAX RELIEF
SME R&D tax relief is an effective way your business can strengthen its’ bottom line and, in many cases, trigger an almost immediate cash award worth over £45,000 as an industry standard.
Hamilton Wood and Company, established in 2017 are leading industry specialists when it comes to the Research and Development Tax Credit incentive. 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 R&D Tax Credit Specialists reside on HMRC’s consultation committee for R&D, so with us, you can have peace of mind safe in the knowledge your research and development claim is being looked after by our award winning professionals.
Sadly, in recent years, there have been many ‘popup shops’ that have appeared in the R & D claims industry, and some of the new entrants claim unimaginable claim values to entice you to use them.
An industry standard award for most SME’s can range widely from roughly £20,000 back to about £54,000 back. Many of these new entrants to this market commonly use high pressure techniques and invariably make bold claims that often can’t be substantiated.
Thankfully, Hamilton Wood and Company have been delivering safe and robust R&D claims for our customers since we were formed in 2017.
We will get your company the maximum safe R&D claim award under the prevailing rules of the various R&D incentives.
We provide a fully indemnified process as well as delivering ongoing support should it ever be required. With HMRC having now launched a variety of campaigns to tackle fraud where claims have been misappropriated, by partnering with Hamilton Wood and Company you will benefit from our expertise as outlined above and can rest assured that our experts professionally handle your claim from start to finish.
WHAT QUALIFIES AS R&D
For SMEs to safely claim R&D tax credits your business must be conducting eligible R&D activities.
YOU CAN RECOVER IN VARYING PROPORTIONS:
- Employee Costs
- Subcontractor Costs
- Software Costs
- Consumable Items
- Materials
- Utilities
Now, trying to identify all eligible activities and the resultant allowable costs incurred can be a minefield. It is critical therefore that your business gets it right.
Failure to correctly substantiate your R & D claim will likely see your business receiving a letter from HMRC that could be a precursor to a public and criminal court case.
While HMRC is not accusing companies openly of fraud, what they have made clear is that if you file your claim incorrectly, anything a company might say to HMRC about their claim could be used as evidence in respect of any future criminal investigation.
To protect and safeguard your company from the risk of an HMRC investigation, if you have been spending time and money trying to improve your products and services then get in touch with one of our friendly R&D Tax Specialists today who will be happy to help you.
We will quickly identify any projects that may have recoverable elements remaining therein and advise on how to safely recover your correct R&D award.
We streamline and simplify the process of claiming R&D tax credits so you can get on doing what you do best, running your company.
Benefit from our award-winning advice and support, contact our experts now by using this webform.
R&D CLAIM EXAMPLE | SME R&D SCHEME
Pre 31st March 2023 | From 1st 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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If there are some months to go until 31st March 2023 and your business has not yet claimed R&D tax relief, as you can see from the SME R&D Tax Credits example above, the rules are about to change which will see future claims values fall sharply.
For this reason, if you are yet to claim, to ensure your business doesn’t lose out on the more generous current scheme, give our specialists a call and we can FastTrack your R & D claim.
In doing so, we will have enough time to substantially benefit your company’s bottom line; and with the economic outlook being what it is currently prudent business owners would do right to explore every avenue to get more of their money back in their business.
This is where we can help add significant value to you and your business.
R&D CLAIM DEADLINE
- For the avoidance of doubt, the rules surrounding the scheme will change from 1st April 2023 and become less generous for SMEs.
- The true R&D claims deadline is two open tax years. After two open tax years pass, so does the ability to claim R&D for the previous years.
HOW DO R&D TAX CREDITS WORK
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Research and Development tax credits are designed to encourage businesses to innovate.
They reward businesses that are investing time and money trying to develop new products and services or perhaps even enhance existing ones.
R&D TAX SPECIALISTS: HAMILTON WOOD AND COMPANY
Hamilton Wood and Company Manchester are multi-award-winning, leading national specialists in claiming R&D tax credits 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 Credit Specialists are here to help you.
If your business has spent money trying to improve what it does, then if you are unsure if the work you have been doing qualifies, give one of our friendly advisors a call and we will be happy to help you.
R&D TAX CREDIT SERVICES:
Our experts help businesses from all over the UK. We deliver our professional help and support over video or phone calls and limit your time involved to just a couple of hours over a 6 to 9-week process depending on how detailed the intricacies of the claim are.
CLAIMING R&D TAX CREDITS
HOW TO GROW A BUSINESS | BUSINESS GROWTH STRATEGIES
R&D claims remain one of the best tools a Limited business can use to facilitate business growth.
Most SME’s benefit from an average yield of over £45,000 to £54,000 depending on the industry.
As already discussed, this normally comes by way of an immediate cash award so this is real, tangible money back in your business quickly and safely.
If you have any questions relating to work your business has conducted and you are unsure if you have the basis for a claim, get in touch with our friendly team of experts today by completing this webform.
R&D Or, check out our ultimate guide to R&D tax credit claims by clicking this link