So many businesses are overlooking research and development (R&D) tax relief, not realising that they could be eligible for the Government incentive, which can help to reduce your Corporation Tax bill or provide a cash repayment on the money invested.
In fact, according to figures from HMRC, only 26,255 (0.3 per cent) of SMEs are making claims for R&D relief – a tiny number when considering the UK is home to more than five million small and medium businesses. However, R&D is moving in the right direction, with the total number of claims and amount of relief claimed rising by 20 per cent. The average claim value for an SME now stands at approximately £60,000.
R&D is a major tax incentive for businesses as it enables your organisation to claim up to £43.70 for every £100 spent on qualifying costs, including wages, materials, overheads and software.
At Champion Accountants, our specialist R&D tax advisors have helped our clients to claim back more than £21million in R&D tax relief, with a 100% success rate on all claims made.
We’ve reclaimed thousands of pounds spent on research and development activities for a number of manufacturing and engineering businesses, and to help you to get the most out of the relief, here are our top tips from Champion’s in-house R&D team.
At Champion Accountants, we’ve been working hard to bust the myths surrounding R&D and showcase how accessible the relief is to a large variety of businesses. We offer free consultations to determine whether a project may be eligible for R&D tax relief and will be able to determine whether it’s something to pursue within 15 minutes.
For more information, contact Gill Molloy or David Herd on:
T: 0161 703 2500
There is less than three months to go until Making Tax Digital transforms the UK tax system. If the ...
Although Government statistics have shown a marked increase in the uptake of its Research and Develo...
Our Management Accounts service takes this headache away from you. By providing accu...
Growing through acquisition is an exciting opportunity for your business, but fear o...