As with many government statistics, the figures for R&D claims are still catching up, but the figures are mightily impressive. The HMRC paper on R&D Tax Credits shows some startling figures when looking at the R&D tax payout from the start of the scheme –
There have been over 150,000 claims
The tax man has paid out over £15 billion to businesses across the UK
Have you claimed your share of this R&D tax payout ?
The fact that these figures were from the start of the scheme in 2000 until April 2016 means that the current numbers will now be significantly higher than this. And yet they say that the R&D tax payout is far lower than it should be. Although claims increased significantly after the government removed the minimum £10,000 spend on R&D in 2012, there are still UK businesses that are missing out mainly because;
Far too many UK companies don’t know about it.
Far too many companies have heard of it and think it doesn’t apply to them.
Something has to change. R&D tax can make a massive difference to thousands of businesses across the country but they are missing out on a windfall. Our average claim is over £35,000. Yes, £35k. Think about how your business could put a windfall like that to great use –
Help with the cash flow
Take on new team members
Gain an advantage over your competitors by investing in more research
The reality is that if you have an eligible claim, then you could only be 6 to 8 weeks away from feeling the financial benefit of this. If everything runs smoothly then the money could be with you that quickly. That’s in plenty of time for Christmas.
And that’s where we come in. Harlands are here to help it run smoothly. We have the expertise and the experience to submit a claim and deal with the tax man so you don’t have to. And we do all of this on a no win, no fee basis. Why don’t you look into your share of the R&D tax payout ?
How do I make an R&D tax claim?
Process is quite simple if you know how. The tax man wants to know about your business and how you used R&D as part of it. This sounds like a complicated process, but don’t worry we will take care of it for you.
Firstly, R&D isn’t just carried out by manufacturing or tech industries. We speak to clients from a broad range of industries such as sports, construction, food and more who find that they have valid grounds for a claim.
Secondly, the explanations to the HMRC are all dealt with by us. We get to know your business. This all starts with a free, no obligation consultation that lasts around half an hour. We can then let you know this quickly if you have an eligible claim. After that we take care of all the paperwork so you can focus on your business and your customers.
Why haven’t you got your share of the R&D tax payout yet?
There’s nothing stopping you. There isn’t a requirement to have engineers or scientists in your business to claim R&D tax credits. For the purposes of this tax relief, the definition includes creating or refining a process or even having new software developed. The vast majority of the businesses we speak to have a claim in one form or another – they just don’t know it.
If you are thinking about the R&D tax payout that your business might be due then wonder no more. The first step is to talk to us. We can assess your eligibility for a claim and give you a good idea about how much this might mean to your business. Once you have that information we can take it from there. You don’t have to change accountants – if you are happy with the one you use then we can work alongside them to help you. We only charge if we are successful with a claim. At present we have a 100% success rate with the HMRC, so you know that you are in safe hands.
By Harlands Accountants LLP