What are Research and development tax credits? Simply put R&D Tax Credits are a niche, but a lucrative part of the UK tax code that could bring your company significant tax relief.
Most companies we speak to at SAS R&D don’t think that they will qualify for these payments with the common misconception amongst business owners, being that they can only claim in a highly technical or scientific industry. In reality that is not the case, we’ve submitted claims for companies in the technology sector, medical sector, construction sector, gaming sector and software sector amongst many others. R&D Tax Credits can enable businesses that incur costs in developing products, processes, software, or services to receive a corporation tax deduction or cash payment from HMRC.
Many companies are entitled to R&D Tax Credits, even if they have no profits against which to offset the expenditure. Effectively, you can surrender your tax losses back to HMRC in return for a cash repayment. Many businesses have not made any claims for R&D Tax Credits because the system is complex, and the perception is that HM Revenue and Customs do not like paying out. But guess what, that’s not your problem, it’s ours. SAS R&D has extensive experience in dealing with research and development Tax Credits from HMRC – including a full understanding of the nuances applied by HM Revenue and Customs.
So why do so many companies not know about this incentive, much less claim R&D tax credits? Is it that companies don’t know whether what they are doing qualifies as R&D?
Companies that spend money developing new products, processes, services or even enhancing existing methods are eligible for R&D tax credits, a claim can be made to get either a cash payment and/or a corporation tax. Identifying R&D is vital and the scope of this is huge, with potential R&D being present in a much wider area of business than many people would think.
At SAS R&D we are helping businesses understand if they are eligible for R&D tax credits and what they can claim, we have a specialist team of experts that take care of producing the required technical reports and cost summaries, we work closely with each businesses technical experts to make sure that all aspects of the report are accurate and everything has been claimed, we then submit the claim to HMRC directly or provide to your accountant for inclusion within the CT600 return.
So, with all that in mind, it’s as simple as getting in touch today, and we will guide you through the rest of the process