If your business is eligible for R&D Tax Credits, you can either reduce your tax liability or increase taxable losses.
Visit Claim.co.uk for consumer action type claims like PCP claims, Housing Disrepair claims, Emissions claims.
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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