If your business is eligible for R&D Tax Credits, you can either reduce your tax liability or increase taxable losses.
If your company completes R&D projects in relation to specific campaigns (even if the project is not successful), and the research and development activity meets the criteria for a claim, then your business could be eligible for this tax relief.
The definition of R&D is relatively wide. Whatever the size or sector of your company, if your company is taking a risk by attempting to ‘resolve uncertainties’, then you may be carrying out a qualifying activity. Find out today if you do qualify by getting in touch.
If your business is defined as a small and medium sized enterprise (SME), you could potentially reduce up to 130% of qualifying costs from annual profits, in addition to the usual 100% deduction. This makes the total deduction 230%
If your business is loss-making, you can also claim a tax credit worth up to 14.5% of the surrenderable losses.
Large companies can claim a Research and Development Expenditure Credit (RDEC). The RDEC is a tax credit for 11% of your qualifying R&D expenditure.
My Diesel Claims R & D had annual profits of £200,000 and qualifying R&D expenditure of £65,000 in the financial year 2016/17.
How much R&D relief do they get?
Qualifying R&D expenditure identified by us- £65,000
Deduct from annual profit – £200,000 – £65,000 = £135,000
Additional R&D Relief – £65,000 x 130% = £84,500
Revised taxable profits for 2016/17 – £135,000 – £84,500 = £50,500
Previous Tax Payable (19%) – £38,000
Revised Tax Payable (19%) – £9,565
We assist businesses across multiple sectors with R&D Tax relief, giving them more cash to re-invest into their growing business.
Our panel of expert Tax Advisers help validate your claim that identifies any eligible R&D and the costs involved.
The panel can help prepare the R&D tax claim and submission of the claim to HM Revenue & Customs.
We handle the R&D Claim from start to finish & we produce the technical report on your behalf that helps R&D Tax inspectors understand your work and approve the claim.
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