1. SME’s receive great rates
SME’s can actually claim back up to 33% on qualifying project expenditure such as, staff wages, subcontractors, consumables, materials, software and some utilities.
2. You don’t need to be profitable to claim
Many businesses receive R&D tax relief through a reduction Corporation Tax owed, however if your company is making a loss, it is possible to receive cash credits instead. This options give many businesses the financial boost they need.
3. Projects don’t have to be successful
It is still possible to claim on your investment if your project was unsuccessful or abandoned. As long as the intent was there and the purpose of your project was aimed towards technological advancements then receiving an R&D tax credit is still possible.
4. Creating business cycle
R&D investments lead to advancements that help to develop new and enhanced products, services and processes. The reclaiming of R&D gives businesses the opportunity to invest further in projects which creates a positive cycle for business and industry growth.
5. Increases global competitiveness for the UK
The scheme aims to ensure the UK can become globally competitive, which is great for the economy and also for UK businesses to thrive. The R&D tax scheme spans over a wide range of sectors, therefore it doesn’t matter which specific industry your company is in, if it is incorporating R&D activities and generating new knowledge, it may be eligible to receive the benefit.
Are you eligible?
To make an R&D claim the most effective process to take is to acquire an R&D tax specialist to assess your eligibility and prepare your claim on your behalf. This will maximise your chance of success, simplify the process and save you time. In addition, R&D specialists are also completely up to date with the latest legislation and can provide the exact information required.
To avoid missing out on the advantage of receiving an R&D tax credit, contact Swanson Reed R&D Tax Advisers today for a free assessment. We look forward to speaking with you.