R&D TAX CREDITS for SME’s
Is your business incorporated, with a liability for UK corporation tax?
Has your business been involved in the creation of new products, processes or services?
If so you could qualify for significant relief or credits.
What costs are claimable?
Payroll, software, materials, utilities and subcontracting costs.
What are they worth?
Every £1000 of costs attributed to R&D attracts an enhancement of 230%.
For example; £100,000 of costs enhanced by £130,000 = £26,000 credit or relief, assuming corporation tax at 20%. Losses can be surrendered at 14.5% yielding a credit of £18,850 given the above costs.
For what periods can I claim?
You have 2 years from the year end in which the costs have been made to make a claim.
E.G. Year end 31/12; 12/13 and 13/14 expenditure must be claimed before 31/12/15.
Who can claim?
R&D can apply to any business in any sector, it is more likely to be found in manufacturing, engineering, software development, biotech or pharmaceuticals but successful claims have been made in construction, transport, agriculture and countless others.
Even HMRC believe that there are thousands of qualifying business unaware of their entitlement.
Please contact us on 01257 423114, and we can refer you to our specialists, who will be happy to carry out a no obligation initial assessment.
Whilst we are general practitioners, with broad knowledge of most areas of business and tax, we are not afraid to bring in specialised consultants when more in depth expert advice is necessary.
This gives you the confidence that you will always be given best advice no matter how complex the situation.