R&D Tax Credits - valuable funding for innovators and high tech companies
HMRC R&D tax credits allow businesses to offset R&D costs by either reducing their corporation tax bill or obtaining cash rebates for a loss-making business. It’s a valuable funding source and recent improvements to the R&D tax relief system announced in the 2011 Budget now make it more accessible and valuable for entrepreneurs and owners of growing businesses.
The majority of companies eligible to claim R&D relief are hi-tech businesses – software developers, specialist manufacturers or biotech companies for example. Previously, tax relief available through the R&D tax credit system has been hard to access and of limited value to smaller firms and start-ups that are still unprofitable. But it there are no longer drawbacks and R&D tax relief could become a very useful means of financing innovation for qualifying companies.
Would you qualify for R & D credits?
Identifying whether a business is eligible for R&D tax credits and managing the often bureaucratic applicative process can be complex, costly and time intensive – it’s a specialised field of tax planning. Why should you take time away from running your business to investigate the opportunities? Or incur professional fees should the application be rejected?
RJP has many years experience concluding successful applications for clients and offers a low risk, comprehensive service on a no-win no fee basis.
Inject additional free cash into your business or start up
RJP has already helped many companies successfully claim R&D tax relief including the following projects:
- Internal development of new web-based Customer Relationship Management system;
- Development of an internal bespoke time recording and billing system;
- Translation of software into foreign languages;
- Development of iPad and iPhone applications.
Tax refunds claimed have amounted to tens of thousands of pounds and with the relief now at 200% of qualifying costs, increasing to 225% in 2011, it is more valuable than ever.
If you think there’s even a small chance R&D tax relief could apply to your existing business or idea for a new start up, investigate the possibility with our tax specialists.
We take on claims based upon a no win; no fee approach and will manage the entire process from advisory through to tax refund stage.
To discuss R&D tax credits please contact Lesley Stalker - [email protected] or call us on 0870 22 55 220.
We provide a free initial consultation on a no obligation basis.