Investing in innovative new ideas is essential to the success of many businesses, but it incurs costs. In many circumstances, you may be able to claim Corporation Tax relief against this expenditure.
We know that R&D tax credits can be a lifeline for your business. However, we also understand that they can be costly, time-consuming, and complicated.
Your efforts are better spent focusing on running your business and undertaking vital and innovative R&D work than filling in complex and tedious R&D claims.
We can elevate the stress of assessing and producing a claim and make the whole process much easier.
What you need to know
There are some key criteria you should be aware of before claiming R&D tax credits.
- The project must involve innovation in science or technology, excluding areas like the arts, humanities, and social sciences.
- The R&D activity must be directly related to your company’s existing trade or a trade you plan to start based on the R&D outcomes.
- The project should aim to achieve an advancement in the overall field of science or technology, not just an internal improvement for the company.
- The project must address a specific scientific or technological uncertainty that is not readily solvable by a professional in the field.
- Eligibility and type of relief vary based on company size – SMEs and large companies have different criteria and relief types under SME R&D Tax Relief and R&D Expenditure Credit (RDEC) schemes.
The criteria are expansive and complex, but our team can help you decide if claiming is the right decision.
We can help you:
- Achieve your R&D goals.
- Free up valuable time to focus on your business.
- Provide valuable capital in return for your research.
- Fill in the new AIF form.
- Stay up to date with HMRC’s regulation changes.
- Outline what qualifies as an R&D project.
- Help you write a technical narrative document.
- Review qualifying expenses.
- Help you write your Corporate Tax return in line with your R&D tax credits.
For more information on Clemence Hoar Cummings Chartered Accountants in Essex, please contact us.