Could you be eligible for thousands of pounds in tax relief?

Research and Development tax credits can transform your business by rewarding innovation and refuelling growth, so why aren’t you making a claim?

If you’ve created a new process, product or service or improved an existing one you could be missing out on thousands of pounds in tax relief. Many traders are failing to claim the relief they are entitled to as they are unaware that their work qualifies. We are here to guide you.

In short, any project that seeks an advancement in knowledge or capability in a field of science or technology, seeks to resolve scientific or technological uncertainties or to improve existing processes all potentially qualify for Research and Development (R&D) relief. The project does not necessarily need to have been successful for the claim to still qualify for the relief and it includes projects which were completed up to two accounting periods ago.

Recently we helped one of our established trading clients save over £24,000 in tax relief by submitting an R&D claim for them. They aimed to seek a technological advancement in the analysis of commodity data and planned to create new software that would allow pension funds to independently manage their commodity-linked investments.

First, we ran through the criteria for an eligible claim to ensure their claim would be successful. Then we collated all the relevant costs and put together the ‘technical report’. This is the a report that proves to HMRC that the technical innovation meets their current legislation by explaining the innovations, a summary of the costs incurred and how we have arrived at the total benefit figure. If you simply submit the costs in a spreadsheet or skip over the technical details of the project, you’re unlikely to be successful.

We then submitted the report and amended the Corporation Tax return with the R&D tax credit calculation and they were rewarded in four to six weeks!

This is an opportunity that you cannot afford to miss out on.

Get in touch with one our R&D specialists to book your free discovery session where we will assess the likelihood of a successful claim. We can then work with you to make your claim, so you can keep innovating and growing your business.

Email us at enquiries@accountantsfortraders.co.uk or give us a call on 01474 853 856 to get the ball rolling with your R&D claim.