R&D tax credit is a statutory tax relief introduced by the Labour government in 2000. Many businesses are already benefitting from this initiative but far too many are not. They are missing out on a valuable income stream for their business.
Fact: The latest statistics published by HMRC in September 2018 report that since 2000 there have been 240,000 successful claims with £21.4 billion of R&D tax credit relief claimed. However it is estimated that around 75% of businesses who are eligible are not claiming.
Sometimes businesses are not claiming because they are unaware of the scheme. Often we come across businesses who do not believe that they are carrying out research and development within their business operation. They are just doing what they have always done, solving problems for their customers. In most of these cases the business is eligible to make a claim.
We also meet businesses who have heard of R&D tax credit but who think it’s all a bit dodgy, too good to be true, or it might result in some unwanted attention from HMRC.
We can confirm that it’s definitely not dodgy, as stated previously, it is a statutory tax relief. As for it’s too good to be true – just ask any one of our 200 plus clients what they think! Investment in research and development is good for UK Plc, which is why R&D tax credit has been supported by numerous governments over the past 19 years and why it is regarded positively by HMRC.
A short telephone conversation with one of our friendly and professional team will soon establish whether the activities you are carrying out would be considered as eligible for R&D tax credit.
Once we have confirmed that you are eligible we will arrange to visit you and meet with your team to find out in more detail the type of projects and R&D that you are involved with.
Then there may a few phone calls to clarify certain points before we write a draft report to submit to HMRC. The report is only submitted once it has been approved by you.
There are special units set up within HMRC to deal with R&D tax credit claims and normally the whole process from the initial point of contact with Fiscale to the receipt of the cheque from HMRC will take around 12 weeks.
We work with clients across all industry sectors – software developers, manufacturers, engineering companies, chemical producers, fudge makers, gin distilleries, construction specialists, wheat breeders – the list is endless!
Get in touch today and to find out if we could help your company to claim R&D tax credit. Call 01440 708333 or visit www.fiscale.com to read more about who we are and how we help businesses.