The two year window is about to close for Research and Development (R&D) claims for Companies with December year-ends.
Companies can claim R&D Tax Reliefs for an accounting period ended within the past two years, which means that any company with a December accounting date has until 31 December 2018 to potentially make a claim for qualifying expenditure incurred for the year ended 31 December 2016.
R&D Tax Reliefs provide companies with the opportunity to claim generous tax savings for their innovative activities. Opportunities for making a claim are often overlooked, with business owners overestimating the level of innovation required to claim. Projects qualifying for R&D relief include those seeking an appreciable improvement in science or technology. To check whether you may be able to claim R&D Tax Reliefs, why not download our eligibility checklist?
If you are paying technical staff to solve technical problems there may be scope to claim if you are:
- Modifying a manufacturing process
- Developing bespoke software
- Creating a new product or improving an existing one
Eligible companies can obtain tax relief on qualifying expenditure either by reducing taxable profits or creating (or increasing) tax losses which can be sacrificed to HMRC in return for a cash repayment.
The relief available is very generous and an SME incurring £100k of qualifying costs could save in the region of £25k in tax. Our Radius specialists focus on quickly and concisely assessing a company’s eligibility to claim Research and Development tax reliefs. They will then ensure that your claim is completed as painlessly as possible, is compliant (we have a 100% success rate) and is maximised.
So, if your business has a 31 December year end, why not speak to a member of the Shorts' Radius team and find out just how easy it is to make your business's innovation pay;
- Including an ex HMRC Inspector who specialised in reviewing and processing R&D tax relief claims - have your claim pre-checked before submitting
- Official R&D tax relief partner to the Sheffield, Barnsley & Rotherham and East Midlands Chambers of Commerce
- Claims prepared by true R&D tax relief specialists, not general tax advisers or accountants
- Robust quality control procedures to ensure that claims are fully compliant
- Have never had a claim rejected by HMRC
- Download our Radius brochure
Scott Burkinshaw
Scott is Tax Partner at Shorts, specialising in providing strategic corporate and personal tax advice.
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