R&D Tax Credit Scheme

“Thank you so much for you advice and help with our R&D tax claim. The payment received yesterday wildly exceeded my expectations from when we started this process. You all made it extremely straightforward for us. It is a tremendous amount on money coming into our business.” Neil Hay, IRIS

NEPIC members! Could you receive a cash injection for something you are already doing?

Research and development (R&D) tax credits are a valuable government tax relief that rewards UK companies for investing in innovation.

NEPIC has partnered with Lumo to ensure that member companies who are spending money developing new products, processes or services; or enhancing existing ones are applying for the cash payment and/or Corporation Tax reduction available. 

  • Many companies resolve technical or scientific uncertainties each day without even realising it
  • Get paid for doing this via the government’s R&D Tax Credit scheme – up to 33p for every £1 spent
  • An average SME client saves £30,000 per year
  • Larger claims can generate a refund of over £400,000 per year

Contrary to popular belief, it is not necessary to employ scientists to have qualifying R&D expenditure.  A positive response to any of the following questions would imply that a claim might be possible:

  • Do you develop new products or processes?
  • Do you create new or improved products?
  • Do you duplicate existing products or processes in an appreciably improved way?
  • Have you made advancements in your field of work?
  • Do you employ technical staff, engineers, software developers or scientists?
  • Do you consider the company to be technically innovative?

There are strict time limits for making claims and so an early review maximises the relief captured.

To learn more about the scheme and find out if your firm is eligible, contact a member of the NEPIC team today, or contact Joe Routledge at Lumo on 07808 176 664 / joe@lumo.tax / Visit Lumo 

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© Copyright. North East of England Process Industry Cluster (NEPIC) 2015