Research and Development Tax Relief

Our R&D Tax Claim Service

There is a lot of terminology around R&D tax relief, but don’t be put off. The key point is this:

If you are an SME, for every £100,000 spent on R&D, you can receive an additional £130,000 deduction from your corporate taxable profits potentially triggering a corporate tax reduction of up to £24,700 or, if loss-making, gain a cash refund of up to £18,850.

These are valuable benefits. And if you think you are not spending any money on R&D, think again. You may well be – it’s not just for the white coats in labs. Can you answer yes to any of these questions?

• Do you manufacture anything?
• Do you carry out any design work?
• Have you developed your own software?
• Have you developed any new processes such as software that improves internal efficiencies?
• Are you using existing technologies in a unique way or combining or interfacing with them in an original manner?

If so it is well worth exploring whether you may have a claim.

Visionary Accountants R&D team will lead you through every step of the process including:

1. Completing an initial questionnaire to determine the likelihood of identifying R&D spend in your organisation to take forward for a successful claim;
2. Completing a full background commercial and financial fact-find of your business;
3. Conducting interviews and technical research to identify individual projects that have qualifying R&D spend;
4. Quantifying and pooling the types of expenditure that can be claimed against each identified project;
5. Creating a justification document to present the qualitative rationale behind the claim and why it qualifies as R&D to HMRC;
6. Completing the claim computation, statutory accounts adjustment and presentation and CT600 corporate tax return;
7. Advising on whether to take the benefit as corporate tax relief or a tax credit refund;
8. Handling any claim enquiries from HMRC.

R&D doesn’t have to result in a successful product to enable a claim and you may have several projects on the go that qualify. You may well benefit from an R&D expert working with you to achieve a successful claim.

Please do not hesitate to contact us to discuss how we can help you investigate your eligibility for R&D.