As a business have you ever heard of Research and Development Relief? The chances are probably not and if you have then you will probably think that they do not apply to you, or are incredibly hard to apply for.
This couldn’t be further from the truth. R&D, as it is known, needn’t be the headache that many people seem to think of it as. In fact, you may just need an expert in R&D to guide you through the process and help you reap the benefits.
R&D tax credits are credits which help companies with the costs incurred from the development of new services or products. It entitles these businesses to receive a cash payment, or perhaps a deduction, of up to 33.5% of the R&D spend of a company available to be repaid by HMRC.
Sounds too good to be true doesn’t it? The R&D tax credit scheme was created by HMRC to encourage innovation across the UK and increase companies spending on their own R&D. The reason for doing this was because the Government wanted to ensure that the UK was an attractive place to start and invest in companies. It also aimed to expand and improve businesses as time went by.
Since their launch in 2000, many companies have felt the benefits of these tax credits.
An accountant can be a huge helping hand when it comes to making an R&D claim. They will not only have expert knowledge, but they also can take on the entire claim administration from start to finish, freeing up some of your precious time.
A professional and dedicated accountant will be able to tailor the process to suit your business and ensure that you are given the right advice throughout the entire process, hopefully with an outcome that you receive some money back or perhaps in some cases, tax relief.
Want to know if you are entitled to R&D relief? The Accountancy Network can help you find the right professional to see just how much you may be able to receive.