Research and Development Tax Credits
R&D Tax Credits
Kay Johnson Gee are experts in Research and Development tax credits, we will maximise and support a claim for costs relating to the development of new products, processes and services. To date we have helped our clients receive millions in either reduced corporation tax liabilities or tax refunds.
Our R&D department is headed up by Alex White who has specialised in submitting Research and Development claims since they were introduced in 2000. Our undoubted success in this area will greatly assist in ensuring that a successful R&D Claim, within the requisite regulations, is prepared and submitted.
What Are R&D Tax Credits
Companies in the UK are eligible to claim back tax relief for any incurred costs in developing new products, processes or services to receive a cash payment or tax deduction.
Introduced in 2000 and pledged to run until 2032, R&D tax credits are a Government scheme designed to incentivise companies to promote innovation in R&D. Currently, over 35,000 UK companies are claiming more than £3bn combined in tax relief every year.
Call 0161 832 6221 or click to arrange a free consultation at a time to suit you
Call 0161 832 6221 or click to arrange a free consultation at a time to suit you
How Much Could You Claim?
R&D credits may be claimed in respect of any sum. The previous minimum limit of £10,000 has been removed. The maximum that may be claimed is €7.5m for any one project. However, the claim must be made within two years of the end of the accounting period in which the R&D expenditure was incurred.
What Could You Expect?
The tax relief on allowable R&D costs incurred on or after 1 April 2015 is 230% therefore, for each £100 of qualifying costs, your company could have its Corporation Tax profits reduced by an additional £130 on top of the £100 spent.
If instead there’s an allowable trading loss for the period, this can be boosted by 130% of the qualifying R&D expenses. This loss can be utilised in the normal way or ‘sold’ to HMRC for a cash sum.
R&D Tax Relief Guides
R&D Tax Credits
Webinar
Webinar
In this webinar we look at the types of company that qualify for R&D Tax Credits, the 2 schemes available, hurdles and criteria your business needs to meet, the costs you can claim and some real world example claims.
FAQs Answered
Uptake of R&D tax relief is haphazard, with claims that the system is hard to navigate and understanding of eligibility criteria far from universal. Here, we answer some of the questions we get asked most frequently about R&D tax credits.
Can Your Business Claim?
A basic definition of R&D is the “work to resolve scientific or technological uncertainty aimed at achieving an advance in science or technology”. This can include new or developed products, services or processes. So, can you claim…
