Research and Development (R&D) tax relief is a government incentive that rewards UK companies for spending on innovation. This has proved highly popular with 86,000 UK companies claiming back almost £7.4bn in tax relief in 2020. R&D Tax Credits are a very niche part of the UK tax code that could bring your company thousands of pounds in tax relief.
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Under the SME scheme, companies that spend money developing new products, processes, services or improving existing ones are eligible for a Corporation Tax refund/reduction and/or payable Tax Credit.
- Advancing Science and Technology
- Launched in the Year 2000
- Rewards Innovation
- Backdate Your Claim up to 2 years
The UK’s R&D Tax Credit Scheme is backed by government and designed to provide companies with the opportunity to develop their products and processes. If your company is carrying out R&D work that qualifies for tax relief, you will be able to put the money back into your business.
R&D tax saving will enable you to not only develop your business, but allow you to compete with other companies who operate in the same industry. Increased funding can have a huge knock on effect on your business’s ability to perform at a high level and really make it stand out from the crowd, especially if your competitors haven’t made a R&D tax claim.
Your successful tax claim has the potential to not only influence your business, but businesses throughout the UK. The more investment in your industry from whatever source, the better the outcomes for all involved – this can mean faster advancement and refinement of industry processes, resulting in economic growth and more employment opportunities.
A consequence of successful R&D growth within the UK is that these businesses can hold their own within the global market. As the UK provides one of the most generous R&D tax relief schemes, approximately £6 billion is available to be claimed by businesses every year. In short, the more companies that claim, the better the outcome is for the UK economy and R&D as a whole.
Our first contact with new clients is usually through emails and calls. Even at this early stage we can make a good assessment of whether your business is eligible or not, as we have extensive experience working with similar businesses who have achieved a successful claim.
To engage our services, you will need to sign our Engagement Letter and provide your ID as part of Anti Money Laundering Legislation. There is NO upfront fee, and we only get paid if your claim is successful, after you have received your payment from HMRC.
The time your employees spend on qualifying activities is key to your refund, so this stage focuses on gathering this information. Throughout this period, you are completely supported by one of our R&D consultants.
The compiling of the report is key to the success of your claim, you may be doing R&D but unless you submit the right information in the right format you risk delaying your refund, reducing its value, or at worst having it rejected altogether. We submit your R&D claim with full support evidence to HMRC on your behalf.
We submit your R&D claim, with full supporting evidence, to HMRC on your behalf. Should there be any queries from HMRC for further information, Blackwell Tax Solutions can quickly respond preventing delays in your payment.
HMRC can take up to four weeks to process a claim; however, our robust claims process typically sees our clients’ getting an R&D Tax Credit sooner. If your business is profitable, your future corporation tax bill can be reduced. If you have already paid your Tax for the period, you will receive a refund. If your a start-up or loss-making business, you can receive a cash payment. Contact Us to find out how.
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