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Don’t immediately say no because you’re not a rocket scientist. Business owners often miss this valuable Research and Development (R&D) tax break when they are actually entitled to it for their business activities, simply because they’re not aware of it or they think they won’t qualify for this specific tax relief.
In fact, you may be able to get an enhanced deduction of 130% of your R&D qualifying expenditure. Even loss-making companies can, in certain circumstances, surrender their losses in return for a payable tax credit of 14.5% from HMRC.
And you genuinely don’t have to be an astrophysicist to claim it!
Just as it says on the tin, if you’re researching or developing an innovative product or an advance in your field, R&D is a tax benefit you may be able to claim. And it doesn’t have to be your main business – something you do within it may qualify.
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!
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 – don’t worry – we’ll help you work out the correct amount.
Examples of successful R&D claims
What counts as R&D?
Let’s see if you qualify…
If you have answered YES to any of these questions, you may be able to claim R&D.
Here are some examples of projects that usually qualify:
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.
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Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.
Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.
Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.
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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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In celebration of our 18th birthday, we’ve launched our Refer-a-Friend scheme, allowing you to receive a thank you gift from us of up to £1,000 for successfully introducing a new client.
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