R&D Tax Credits... most definitely not just for rocket scientists

If you make innovative use of science and/or technology to develop or significantly enhance products, services or business processes, you may be entitled to claim research & development tax credits to help offset some of the costs of your investment.

Here are a few reasons why you might consider taking advantage of R & D Tax Credits;

• The Government has been steadily increasing the value of this tax credit over the past three years but still, too many companies are missing out on claiming their entitlement for research and development. This is surprising given that the tax incentives for research and development have now been in place for nearly fifteen years – they are specifically designed to promote more investment in R&D by UK companies, and the benefits can be significant.
• The average financial benefit for an SME that has submitted a successful claim is currently in excess of £45,000. Many didn’t appreciate that their technology based development work, or process improvements qualified - they hopefully will now!
• Typically it takes just 6 - 8 weeks for HMRC to process a claim and for any refund of overpaid tax to be received.
• It may be possible to get a tax refund even when losses have been made.

Does your business…?

• Take/stand the risk.
• Undertake work that involves science and/or technology.
• Seek to make an advance or improvement.
• Face uncertainties that need to be resolved.

If the answer is yes to any of the above please get in touch, this valuable allowance is claimed wherever entitlement exists.

For more information about R & D Tax Credits and How Tiffin Green can help visit our specialist page.