Research & Development (R&D) tax credits
Current less than 0.5% of eligible companies have claimed, the reason being that most Directors believe R & D is all about men in White Coats and Laboratory Experiments – Nothing could be further from the truth.
The Chancellor unveiled in his 2015 budget an increase in the rate of relief for small and medium enterprises (SMEs) from 225 per cent to 230 per cent from 1 April 2015, which is good news for innovative businesses.
Also announced was the introduction of voluntary advanced assurances lasting 3 years for smaller businesses making a 1st claim to improve the access to R&D tax credits for smaller companies (from autumn 2015) and reduce the time taken to process a claim (from 2016)
Any Company who can answer Yes to at least one of the following is engaged in R & D and should definitely consider claiming R&D tax credits:-
- Have you done anything to Develop New Products/Services or to Improve or Update Your Existing Product/Services?
- Do you Produce Custom Products/Services for individual clients to their requirements?
- Do you Sub-Contract certain aspects of your business to access additional technical skills or additional resources?
- Have you implemented New Systems or Software which were developed or customised specifically for your business?
- Have you had to change your processes, products, systems, devices or services because of New Laws or New Environmental Regulations?
These businesses may be able to claim a Tax Refund and they may be unaware of it.
Contact your local Business Doctor or your financial provider/accountant to see if you qualify.
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