HMRC issued its annual statement on the take-up of R&D tax credits last week and whilst claims by Small and Medium sized companies have increased by 22% to 21,865 in 2015/16, this represents only a very small proportion of such companies.
These statistics also show that smaller companies are less likely to claim than larger ones. This means that there are thousands of small companies missing out on valuable cash repayments from HMRC. Shorts ITG has submitted hundreds of claims for small companies, with repayments of >£25,000 often available.
Do you pay technical specialists to solve technical problems? If so, you might be able to obtain a cash repayment from HMRC of up to £3,335 for every £10,000 that you spend on their wages.
These savings are available by claiming R&D tax credits which are government backed incentives that give tax repayments to companies that innovate. These are available to both loss making and profitable companies.
There is also a misconception that if you have received a grant or funding for the project that you cannot claim any R&D tax credit relief. This is not true and relief is still available through an alternative scheme that HMRC also administers. You can even get a R&D tax credit through this scheme if you are a profit making company.
Preparing a claim is not as time consuming as you may think. Shorts Innovation Taxes Group are credible specialists in preparing and submitting claims with only a few hours’ time input required from you. Our team now includes an ex HMRC R&D Tax Inspector for added assurance that we will get your R&D Tax Credit claim right.
Please get in touch to arrange your intital free consultation, to discuss your claim by clicking the link
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Darryl Hoy
Darryl is the Technical Director of the Radius team. He is a specialist in Research & Development tax reliefs, having previously worked at HMRC as an R&D Tax Inspector.
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