As part of our service, we can help you reclaim as much as 33% of your development costs under the Government's Research and Development tax relief scheme which is intended to incentivise companies to undertake R&D activities and promote innovation.
The bulk of R&D claims will be comprised of the development costs. There are essentially 2 types of spend
As part of our development process we will set up in advance the schematic for recording R&D expenditure. We will also state in the contract that the Intellectual Property is accruing to your company.
The calculation can be a little complex, but as a rule of thumb, for a loss-making business, your company can reclaim 33% of costs that relate to an R&D project. If the company is profit making, then another 130% of your R&D spend can be deducted from your trading profits to save on corporation tax.
For example for £100k of R&D spend:
The project must relate to your company’s trade - either an existing one, or one that you intend to start up based on the results of the R&D and meet the following criteria:
* Technology can be technical equipment, software, production processes, tooling developments, web based improved business processes; in fact anything that is based on conventional technologies.
We work with R&D Tax Credit specialists to submit your claim to HRMC and provide all the necessary information, including the narrative – a document which details the following:
Want to find out more? Get in touch or chat online to discuss your project and whether is it eligible for tax relief.