Assist cashflow throughout Covid-19 claiming R&D Tax Relief

27 March 2020 Caroline Hawkins Radius - R&D Tax Relief & Patent Box, Business Taxes, Covid-19

Uncertainty brought about by Covid-19 means that many companies are looking for simple & effective ways of improving cashflow. One area which is definitely worth considering, is Research & Development (R&D) Tax Relief.

Accessing this relief is an incredibly attractive way for eligible companies to obtain substantial cashflow benefits. The relief can reduce Corporation Tax liabilities, generate refunds for prior year payments or, for loss making companies, create a tax credit from HMRC.

Typically every £100,000 of identified costs can lead to a tax benefit of almost £25,000. As claims can be made retrospectively for the previous two years there are considerable amounts of cash to be unlocked by innovative companies.

Completing an R&D claim ASAP could be very beneficial with HMRC expediting payments through this time. This may encourage companies to look to file their accounts and tax computations earlier, enabling an R&D claim to be submitted sooner. Another option which loss making companies may wish to consider is bringing forward their upcoming year ends, thus enabling earlier filing of accounts, tax computations and R&D claims and accelerating repayment of any accompanying R&D credits.  

Eligible companies are those making ‘appreciable’ improvements to science or technology, which can include product development, process improvement, and advances in software development.

Radius focus on ensuring the method of preparing a claim is very straightforward and unburdening for the claimant company, enabling them to obtain the benefit for their innovative work. Our approach is to minimise the input from the claiming business through this swift process: we initially work with the company to identify the qualifying projects and costs to include within the claim, and once we have this information we produce a technical report which we submit to HMRC.

Claiming R&D tax relief is simpler than you may think and our dedicated Radius team have years of experience. So if your business is making an ‘appreciable’ improvement in technology or science, you could join the thousands of innovative companies nationally that have already benefited from R&D tax reliefs, especially right now, when saving tax is more important than ever.

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