Don't miss out on tax relief for innovations in your business
There is the potential to reclaim cash from HMRC for Research and Development (R&D) tax relief and research shows that this is vastly under-claimed by business in the UK. This brief overview explains some of the rules and the process for reclaiming, if your business is eligible.We've also got a handy tax checker for you to try.
What is eligible for R&D Tax Relief
R&D is often claimed by businesses who are seeking to make an advance in technology through the development of new products, services and procedures which simplify or improve existing processes. Some examples of this include, but are not limited to:
If your business is taking part in any of the above, or other activities relating to the improvement of processes within the company, you could be eligible to make an R&D claim!
The Process
An R&D Claim is made with the company’s corporation tax return filing. Once the year-end has been completed the claim is submitted together with the tax return. Here is an overview of the key steps in a R&D Tax Credit claim.
All you need to do is provide some details around the projects that your business has carried out and we can then assess whether you may be eligible.
Want to find out if your business could make a claim?
Why not try our handy Tax Checker – click here!
And for further information, please get in touch with your current contact at Shipleys, or email advice@shipleys.com
Specific advice should be obtained before taking action, or refraining from taking action, in relation to this summary, if you would like advice or further information, please speak to your usual Shipleys contact.
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