R&D Tax Credits: Do I qualify?

In our previous blog, we outlined exactly what R&D Tax credits are and why you should care for your business.

If you’re interested in potentially making a claim, here are some handy tips to determine its likelihood of success.

  • The claim must be completely relevant to your company’s trade. This can be directly related to current business or relevant to future plans to open a new trade, based on the R&D itself.
  • The claim must apply to a specific project which has demonstrably looked for an advance, had to overcome uncertainty, made an attempt to do so and couldn’t easily be worked out by a professional in your field.
  • The guidance names ‘science and technology’ as the specific areas available, but this can apply to social sciences and an extremely wide range of technology.
  • The claim can apply to a product, a service or a process.
  • The government’s assigned pot of money is for SMEs, which are defined within the scheme as:
    • Less than 500 staff
    • Have a turnover of less than 100 million euros or a balance sheet total of under 86 million euros

EXAMPLE

One of our customers received a £65,000 tax credit after a successful claim.  They made double-glazed glass, but wanted to take advantage of an opportunity in the market by making triple-glazed.  This would require a major change to the giant oven they used and the PVC frames of the glass.

There was some uncertainty around whether this would be possible on their premises and hence the R&D claim was unchallenged thanks to its presentation to HMRC from our delivery experts.

The outcome?

Savings!

Want to know more?  Get in touch today and speak to the experts with a 100% success rate for R&D tax credit claims. Complete our appointment form and a member of the team will be in touch!