RESEARCH & DEVELOPMENT TAX SERVICES

Companies involved in qualifying R&D activity may claim additional tax relief on certain costs incurred directly in the R&D process.

HOW TO CLAIM R&D TAX CREDITS

Designed to encourage companies to develop new technologies that substantially improve their products, processes, devices, materials and/or services, R&D tax credits can significantly reduce your company’s corporation tax, and even get you some cash back.

The majority of business owners entitled to claim R&D tax credits are totally unaware that they can make a claim. There is a myth that R&D tax credits are only for bio chemists or rocket scientists. However, our specialists accountants for the research industry can confirm that this is certainly not the case. In reality, most industries and business sectors are able to claim tax credits. 

Considering that R&D tax relief can deliver a repayment of 24.7% of qualifying costs for small and medium-sized companies, it’s certainly worth exploring. But remember, a claim must be made within two years of the expenditure being incurred, depending on the date of your company’s accounting year-end.

Key Information & How We Can Help

Below is some of the important information you need to consider when claiming R&D tax credits, as well as how we can help you with the process.

In simple terms R&D tax credits enable companies that incur costs in developing new products, processes or services to receive a cash payment or to reduce their corporation tax payments. In 2015 the average claim for an SME over a given year is in excess of £40,000. Whether you have a profitable or loss making business the R&D tax credit is a viable way to reduce your tax bill and or realise a cash bonus.

R&D tax credits are viewed as a viable funding option for many businesses – as up to a third of the businesses R&D spend could be made available as a cash repayment. This is a very generous HMRC incentive that only a small percentage of eligible businesses are currently taking advantage of.

To qualify the company needs to be UK based and the spend needs to be directly identifiable as being related to R&D, again something your accountant can assist with. The Government is encouraging claims from businesses operating in the UK as it is striving to make the UK the most attractive place to start and invest in innovative companies.

A simple way to check it to consider the following:

Do you spend money on improving or developing a new or current process? The answer is most probably yes and you are then most likely able to work with our specialist accountants for R&D companies in order to reclaim a significant proportion of these costs against your corporation tax due.

You can claim any of the following costs that were related to your R&D process:

  • staffing costs
  • heating
  • lighting
  • power
  • materials

In the area of R&D tax relief we can assist with:

  • Establishing whether projects and expenditure qualify for relief
  • Confirming the rate at which relief should be claimed
  • Assisting you in identifying qualifying projects
  • Preparation and submission of claims to HM Revenue & Customs and dealing with any subsequent queries
  • Securing payments / repayments of corporation tax where appropriate
  • Working in partnership with you to maximise claims thereby reducing the overall costs of the project to you

We have a strong track record in agreeing successful R&D claims with HMRC thereby delivering tax savings for companies.

Companies

With specialist teams spread all over the UK, we can help with all of your research and development requirements.

SKS_Brands_v9_SKS_Avalon
SKS_Audit_Carousel_Logo
SKS_Brands_v9_SKS_BaileyGroup
SKS_Brands_v9_SKS_BakerWatkin
Business_Services-Carousel
SKS_Brands_v9_SKS_Cansdales
SKS_Brands_v9_SKS_GilroyBrookes
Hilldean-Carousel-Logo
SKSi_Logo
SKS_Brands_v9_SKS_LedgerSparks
SKS_Brands_v9_SKS_RamonLee
SKS_Brands_v9_SKS_ThomsonJones
Ward_Mackenzie_Logo
SKS_Brands_v9_SKS_WestlakeClarke

FIND YOUR LOCAL OFFICE

We have offices all over the UK. Click below to find yours.

Testimonials

Barbara Gatward
Barbara GatwardJohn Gatward Packaging Ltd
Read More
"Our accounts are always dealt with in a timely manner, all submissions made efficiently, and reminders sent when action is required from us. Would not hesitate to recommend."
Sarah Fox
Sarah FoxBeckingham Place Manmagement Co
Read More
"Since taking over BPMCO's accounts, my life is much easier. You deal with everything really quickly and nothing has been too much trouble. Sonia is great. Thank you!"
John Webb
John WebbWebb Sight Consultancy Ltd
Read More
"Very reliable and professional, with a quick response time to emails sent to them. They give us peace of mind that our tax affairs are in order, as are Companies House returns, etc."
Michael Shephard
Michael ShephardSandrock Management Ltd
Read More
"I have been impressed by the professionalism displayed by the team. Commitments are consistently met and I'm looking forward to a closer working relationship during the coming months."
Michelle Warner
Michelle WarnerAshdown Travel
Read More
"SKS are great to deal with, very approachable with all levels of staff from Directors to accounts staff and are accommodating with requests."
Wendy Coad
Wendy CoadSURR7
Read More
"Responsive and efficient with clear lines of communication. They have kept us up to date with everything they are working on for us. Everyone very helpful and knowledgeable. Genuine people."
Jason Willett
Jason WillettIsherwoods
Read More
"Always there when we need them most."
Simon Doyle
Simon DoyleKGLighting
Read More
"Very good service and always ready to help with new situations that occur."
Maggie Norgate
Maggie NorgateNautilus 19
Read More
"Quick, structured efficient communication and service."
Fiona Penny
Fiona PennyFiona Penny Bespoke Home Finders
Read More
"SKS Business Services understand me and my business and I trust their advice implicitly."
Stuart Herron
Stuart HerronHerron Consulting Ltd
Read More
"The team are very friendly, supportive and easy to work with. Have been a long term client and have SKS have never failed to support me when I need them - thank you team."
David Ede
David EdeBlackhall RAFA Association treasurer
Read More
"Brilliant professional service delivered by friendly helpful staff, I would and will highly recommend to friends and colleagues."
Previous
Next

Latest News & Insights