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R & D Tax Relief
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Every day you face a challenge at work trying to answer your customers' needs or coming up with a new solution, which takes time and money. Your cost put into resolving a problem or coming up with a solution (even if the end effect is unsuccessful) can be recovered. Act now to get the money back. |
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Facts about research and development (R&D) Relief/Credit:
- The average HMRC R&D Tax Credit claim for SME’s is £40,000, and £300,000 for large companies.
- 8,500 companies benefited for the financial year 2008-2009, receiving £40,000 on average.
- £1bn has already been given back to UK companies during 2009-2010, over £6bn since 2000.
- More than 95% of the companies met by GGTC are eligible to take advantage of the R&D Tax Credit scheme.
- HMRC stated average time to cash from filing a claim is 42 days
- "R&D tax credits are the biggest single funding mechanism provided by Government for investment in business R&D" Department of BI&S
“GGTC are specifically geared up to deal with this sort of claim, so they can move more quickly and have the particular knowledge needed to push claims through.” Mark Barrett, Managing Director, Warden Plastics. To download a case study of Warden Plastics R&D tax credit click here
To receive more information on the R&D Tax Relief / Credit please contact the form below and one of the GGTC advisors will contact you shortly...
BPF Members using service of GGTC will gain:
10% discount on the standard claim fee
A 4 accounting period engagement - A claim combining the clients 2 historic accounting periods and the current year of the engagement, plus only 1 forward accounting period claim (ensuring that in the event of a HMRC enquiry members are covered per standard engagement service.
20% discount on the standard 1 off set-up fee
What is the R&D Tax Credit Scheme?
The R&D Tax Credit scheme is an EU initiative that is aimed at SME’s and seeks to recover development costs that companies have invested in innovative product and manufacturing processes. The R&D Tax Credit scheme is a key part of the Governments strategy to boost innovation in business.
Credits reduce the real cost of investment, improving products and processes. The UK government subsequently introduced a large company scheme. Additionally, the scheme was modified from the 1st April 2008 reducing the retrospective claims down from 6 years to just 2 prior years but in doing so increased the claim benefits, in the case of small businesses to 75% and large companies to 30%.
The uplifts are 175% for SME’s moved to 200% last year and 225% this year, whilst for the large company scheme it remains the same. There are probably over 150,000 SME’s alone that could benefit from the scheme. However, the off take to date remains relatively low, particularly in comparison to Europe.
Part of the problem is the communication and marketing of the scheme. The terminology that’s used in the official communication describes the scheme as “R&D in the fields of science and technology”. This creates a false impression that only pharmaceutical and aerospace businesses need apply.
Contact
Todd McCully of GGTC
Email: todd.mccully@ggtc.co.uk
Tel: 01727738601
GGTC are the largest filers of SME claims to the HMRC and have a 100% track record in providing fully maximised claims to clients which realise the full potential of the relief available for UK limited companies. GGTC work on a contingency fee basis, where they don’t get paid until you have realised the relief from the Revenue, a truly risk free proposition. In carrying out our work they aim to minimise the impact on your business, allowing you to focus on your day-to-day operations.
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Useful information can be found in the downloadable PDF
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