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Taxation

R&D Tax Relief – Could Your Business Be Eligible?

The R&D Tax Relief Scheme is an HMRC incentive designed to encourage innovation and increased spending on Research and Development activities by companies operating in the UK.

To be eligible, you need to be a limited company (R&D Tax Relief is paid through the Corporation Tax System) but it doesn’t matter how big or small your business is. SMEs can recover up to 33p in every £1 spent on innovation which can be withdrawn or invested back into the business. Big companies can claim and benefit too (although it will be at a lower rate). Put simply; if your company undertakes R&D which demonstrates technological advances or appreciable improvement and new capabilities within your particular industry or sector, then you could qualify.

Could you qualify for R&D Tax Relief, but just don’t know?

Frequently when we introduce the subject of Research and Development (R&D) Tax Relief to our clients, their initial response is likely to be “we don’t do any R&D”. However, when we dig a little deeper, we often discover that some of what they are doing everyday qualifies as R&D – making them eligible for an R&D Tax Relief claim.

In the event that you haven’t yet investigated whether you might be eligible for R&D Tax Relief, you could be passing up a great opportunity, particularly when you consider that many claimants receive more than £50,000 a year in the form of a cash repayment and/or a Corporation Tax reduction.

This could mean a financial windfall to support new business ventures, further equipment or the chance to employ more skilled staff, this can help transform a start up business.

You’d be surprised to learn what qualifies for R&D Tax Relief. These days you don’t have to be wearing a white coat to be actively working on R&D. There are of course the obvious ones such as manufacturing, professional, scientific and technical, information and communication. But did you also know that bakers, chefs, marketing and media, leisure, architects and retail businesses could also be eligible to claim?

Read our R&D Factsheet here

How can Kirk Rice help?

Our specialist Tax Team led by Viru Patel, Tax Partner, can help you through the process. We offer:

  • A free initial meeting to help you to identify whether your business is or has been investing in qualifying R&D activity
  • A more technical meeting to establish which costs qualify for R&D Tax Relief to help you capture all relevant expenditure
  • To draft your R&D technical reports
  • Submit your R&D Tax Relief claim
  • Work with HMRC to agree your R&D Tax Relief claim

If you think this could apply to your business

Arrange an appointment or call to discuss your eligibility:
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