Have you wondered whether you could be eligible to claim back a portion of your Research & Development costs with the R&D Tax Credit Scheme?
Unsure whether you’re eligible? Read our previous blog post here.
While it’s not common knowledge, many companies can reclaim up to 33% of their Research & Development expenses with this government incentive, and as time goes on the deadline to access the tax benefit is quickly approaching.
Time is of the Essence
You have up to two years in which you can claim back up to 33% of your R&D expenses, starting from when your accounting period ends.
For example, if your year end was 31st March 2019, you only have until 31st March 2021 to complete your 2019 submission or else you will lose the tax benefit entirely.
Don’t miss your window of opportunity.
We understand that carrying out R&D projects can be stressful and it requires continuous investment to keep your project on track.
The R&D Tax Credit scheme was designed to promote innovation across all sectors and by receiving a cash rebate or tax credit, you can reinvest this capital into your R&D projects to help further develop and advance your product or service.
Speed Things Up
Time is of the essence no matter what industry you work in or what type of R&D project you’re working on; so if you’ve created a new product, process or service, you’re almost guaranteed to qualify for tax relief.
Putting together a successful claim application takes time and may appear daunting. A lot of startups and SMEs in the UK outsource this work to a specialist firm, such as Claim Capital, who can help alleviate the workload and ensure you focus on the day-to-day business of growing your company.
We offer a fast-track, flexible R&D Tax Credit service which works to your timeframe. From the time that we have all of the financial and technical information required, we will turn around your claim within three to five days and have it ready to submit to HMRC.
Once submitted, HMRC will process, approve and provide you with your tax benefit within four to six weeks. Overall, an efficient, yet very worthwhile exercise which boosts your cashflow and helps your business achieve future growth.
Get the Ball Rolling
Need more information on whether you're eligible and how to proceed with your claim?