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Research and Development Tax Credits

Are you missing out?

You might not realise it, but there’s a pot of free money sitting there for the nation’s small businesses, and most of it is completely untouched.

Let us explain. Did you know that 40% of all the active companies in the UK generate some form of innovation, be it a new product, service, or business process?

Yet most business owners have no idea that they qualify for money back from the Government in the form of an R&D tax credit.

These tax credits allow a company to receive a cash payment or a tax reduction, based on the amount that they spend on creating something new and innovative.

The average pay-out across the UK stands at around £50,000, according to HMRC’s data, yet the vast majority of firms still haven’t made a claim.

In order to be eligible, all a company has to prove is that it has developed something new that either enhances the business or its way of doing things internally, and that it uses some kind of science – not necessarily “white coat” science but data science, new recipes or clever design.

Lastly, there must be an element of uncertainty or business risk, which is usually the easiest part to prove – how often does any company try anything where the result is entirely predictable?

Many business owners we speak to only vaguely know that this scheme exists, or have been put off by the form-filling involved.

However, we have an ever growing list of satisfied clients for whom we have submitted successful claims and received substantial benefits in terms of reduced corporation tax liabilities or cash credits.

If you believe you are missing contact us now by calling Mark Warman on 01527 836836.