RESEARCH & DEVELOPMENT TAX CREDITS
Research & Development (R&D) tax credits are a HMRC incentive to reward the time and investment businesses put into creating or improving products, processes or services. They encourage innovation. And they keep UK businesses and therefore our economy on the front foot.
GREAT, BUT WHAT IS R&D?
That’s the problem. We’ve found R&D sounds too complex for most businesses. Too much like rocket science. And it sets the bar too high in people’s minds about what qualifies and what doesn’t.
We remove the misconceptions. And we’ll show you there’s a lot more to R&D tax credits than white coats, labs and innovation centres. Put simply, it comes down to two things: 1) You’ve made some changes to a product or manufacturing process, and 2) These changes weren’t obvious or easy, and you weren’t sure how to do them from the off.
So, if you’ve made changes that took some thought, some time and some testing – it’s time for us to talk. “R&D”, for tax relief purposes, is not what you’d think.
WHAT MAKES US THE NUMBER ONE R&D INCENTIVES PRACTICE IN THE REGION?
Our experience means we know what to look for
We’ve worked on R&D tax credits and incentives since it all started in 2000. And our Tax Partner Chris Knott is on HMRC’s R&D Consultative committee that helps set Governmental policy on R&D incentives. That means we know how it works and we understand the context behind each change. Not only are our team part of Tolley’s 2018 Best Regional Tax Practice, they also specialise in technical areas such as IT, Engineering and Manufacturing, Food, Pharmacology and Science. So, when it comes to your business, whatever the industry, we know what we need to find.
Face to face communications and quicker claims
You might consider R&D tax credit claims to be onerous and painstakingly slow. But with our experience, approach and relationship with HMRC, we have a slick process for getting claims submitted and approved. We’ll also keep you informed along the way. And we love visiting clients – their workshops, factories and offices. We’ll show you exactly what you can claim on in real time, and in good time. Fancy showing us around?
We've sent three satellites into space
Well, we haven’t. But we could have. Since August 2017, we’ve found our clients over £30m in R&D tax credit claims. That’s the equivalent of 1,050 jobs at the UK’s average salary, buying 1,950 Mini Coopers or even sending three small satellites into space. (Our astrophysics and R&D specialist, Mark, worked that one out.)
Our work has helped our clients pay for new equipment, new buildings, expanding their team or even their other accountancy fees! All in all, it helps to keep businesses growing, innovating and moving forward. And that’s what we’re all about.
If you’re interested in finding out if you could claim these generous R&D tax credits, or if you’d like a second opinion on a claim you’re already making, we’d love to discuss it with you.
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WHAT DO OUR CLIENT'S SAY?
We could say tons of great things about what we do and how we do it, but then we would – wouldn’t we? Much better to leave that to our clients.
IT'S OFFICIAL - WE'RE THE BEST TAX PRACTICE
We were named Best Tax Practice in a Regional Firm at Tolley’s Tax Awards 2018.
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