What criteria does your business need to meet to qualify for R&D?
Eligibility is not limited to activities taking place in laboratories and science-based research centres. R&D Tax Credits can often be claimed in far broader areas and various enterprises could qualify for significant tax reductions and gain a cash flow boost. Loss making companies can even claim back tax they haven’t paid in the first place
Examples of where your business might quality for R&D tax relief include:
– You are developing products improved by technology.
For example, we managed to secure £129,000 R&D tax back for a game developer which proactively developed 3D action games for mobile and tablet devices and other digital applications.
– Your business has conducted research and development to improve current systems to maximise the efficiency of production and performance.
For example, we were approached by a digital marketing company which had developed an innovative technology platform to facilitate project development. We were able to get £24,000 back for them from the government R&D tax relief scheme.
– Your business is actively involved in building new software or systems to provide better services.
For example, we were able to claim £161,000 back for a travel agency client of ours which had developed a suite of virtual corporate travel tools.
– You have developed a specialised solution to solve a certain client problem.
For example, a property consultancy developed a project collaboration tool for property developers, construction and installation companies. We were able to claim £68,000 of government money back on their behalf.
Conclusion
The R&D tax reliefs can be extremely beneficial for those engaged in qualifying R&D, and Beavis Morgan can help your company maximise the benefits of the reliefs by:
– Ascertaining whether you are eligible to qualify
– Preparing a robust report for submission to HMRC
– Identifying and capturing expenditure on qualifying activities
– Being prepared for and managing an audit by HMRC