R&D Tax Relief – Are you missing out?

R&D Tax ReliefAre you missing out?

At this difficult time, it is even more important to ensure you are claiming all available government support.  With average claims of £40,000 Research and Development tax relief can help you boost your cashflow.  However only 10% of eligible companies are claiming this valuable relief as they do not think they qualify.

You may qualify if you

  • regularly solve problems for customers,
  •  Developing or making bespoke products,
  •  carrying out design work
  • Starting or improving upon a manufacturing process
  • Developing or improving software for your business.

What are the benefits?

  1. R&D tax reliefs can help to significantly reduce your corporation tax bill or.
  2. In certain scenarios can generate tax credit repayments for companies who are not even paying tax.

How does it work?

If your company identified £100,000 of R&D qualifying expenditure this would be supercharged by 130% thus generating a deduction of £230,000.

The result is a reduction in your corporation tax bill of an additional 23% of your qualifying expenditure

What happens if you are not paying tax?

If your company is loss making, then the company can potentially elect to surrender the uplifted costs for a 14.5% tax credit.  Every £100,000 of qualifying expenditure will generate a repayable tax credit of £33.35.

Reclaiming 33.35% of your qualifying expenditure

Who can claim?

The government wants to encourage innovation to grow the economy but only 10% of eligible companies are claiming this valuable relief.  R&D tax relief is available to any company advancing science or technology.  At Haslers we have helped clients operating a wide range of sectors.

Manufacturing

Property and Construction

Transport and Logistics

Pharmaceutical

Engineering

Information communication and Technology

Haslers experts guide each of our qualifying clients through the process assisting in identifying qualifying projects and submitting comprehensive claims to HMRC.

How to progress

Contact Haslers R&D experts now for a free no obligation review to start your Research and Development claim. Do you need advice on R&D Tax Relief – Are you missing out?

 

 R&D Tax Relief - Are you missing out?

R&D Tax ReliefAre you missing out?