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There’s always a good deal of mixed press surrounding tax planning and, often, people aren’t sure what they’re entitled to in terms of claiming tax relief for their business activities.
One very positive form of relief that is sometimes missed is Research and Development (R&D).
R&D relief benefits companies that work on innovative projects in science and technology. Just as it says on the tin, if you’re researching or developing a scientific or technological advance in your field, this is a tax benefit you can claim. Believe it or not, you can even claim it for a project that’s been unsuccessful. And, as an added bonus, you may be able to claim Corporation Tax relief too!
So what counts as R&D?
Information you’ll need to prove your claim is valid
To get R&D relief you’ll need to explain the following factors.
Types of R&D relief
There are different types of R&D relief depending on the size of your company and whether or not the project has been subcontracted to you.
You can claim an R&D Expenditure Credit (RDEC) for working on R&D projects. This is a tax credit for 11% of your qualifying R&D expenditure up to 31 December 2017 and 12% from 1 January 2018. Don’t worry – well hel you work out the correct amount
Small and medium sized enterprises (SME) R&D Relief
You can claim this if you’re an SME with:
Here at Nordens we’re completely clued up on all the relevant features of this tax credit to make sure you benefit from it fully. We’ll support you throughout your claim and ensure your finances for the project are allocated in the most tax-efficient way. Call us to find out more on 020 8530 0720, or email firstname.lastname@example.org.
Research and Development Pic via picserver.org courtesy of Nick Youngson CC BY-SA 3.0 Alpha Stock Images
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.
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