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Research & Development Tax Credits
- Overview: The UK government’s R&D tax credits scheme is designed to stimulate innovation in the UK economy. The program provides UK businesses with either a cash credit or corporation tax deduction to compensate for up to 33% of the cost of their research and development. The scheme is available to businesses in all sectors, as long as your activity counts as R&D. So if you’re developing new products, services, or processes; or modifying old ones, then you may be able to make a claim.
- The Challenge: The biggest challenge is knowing what qualifies as eligible research and development and what costs you can claim. You claim R & D tax credits through your corporation tax return. HMRC may contact you to check that you are doing what you said in your Advance Assurance application.
- The Solution/How STA helped: Our Team have vast knowledge and experience in claiming R&D for companies. Our ability to make the client understand of how the process works and what they should be doing to ensure the activities are R&D qualifying is very efficient. We act us the clients tax advisory to ensure even future years R&D work is undertaken keeping in mind of the qualifying costs and activities. We want to help businesses use this money to reinvest back into the business and conduct further R&D work.
- Client Remark 1: “The team at STA took the time to explain the principles of R&D tax relief and what types of projects qualify. On the back of our discussions with the team, we have been able to make successful claims for the last two accounting periods and will continue to invest in unique development projects”
- Client Remark 2: “Highly recommended for R&D Tax rebate to start-ups, entrepreneurs who have limited time in hand for preparing their tax returns. The no win no fee structure also suits early stage businesses”
- Client Remark 3: ” R&D relief provides a cash benefit calculated by reference to the development project spend A SME company on average reduces development cost by 25%. Some SME’s can actually receive up to 33% of their development spend back in cash. Large companies will benefit by around 9% cash back.”
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