As a business who has eligible R&D expenditure to claim under either the SME or RDEC scheme (or both), you will have calculated your eligible R&D expenditure; but how do these numbers actually generate you a tax or payable credit?
The costs associated with protecting your Intellectual Property (IP) cannot be claimed in a UK R&D Tax Credits claim, however significant costs relating to the generation of that IP can. These include R&D staff, materials, software and subcontractor costs.
At TBAT, we're an R&D tax credits specialist. Our R&D Consultants are all experienced engineers or scientists who take a real interest in your R&D projects.
The R&D Tax Credits schemes were designed to be applicable to any industry that is undertaking R&D, meaning that the same set of rules apply to the textile and software industries as they do to biochemistry and subsea industries!
A huge array of R&D qualifying expenditure can contribute to an R&D Tax Credits claim, and eligible or qualifying activities will vary widely depending on the nature of the industry in which R&D is being conducted.
The R&D Tax Credits Technical Report, which is submitted to HMRC is compiled to evidence the financial R&D Tax Credit claim. It provides HMRC with a summary of the financial claim, in line with what is submitted with the CT600 and included in the Tax Computation, and details the eligible R&D projects that were ongoing throughout the claim period.
You will be notified by HMRC R&D Tax Credits compliance of a compliance check, via your accountant with a compliance check opening notice.
The way in which you receive your R&D Tax Credits depends on the period you are claiming for and the profitability of the business in the years for which relief is claimed.
The Research and Development (R&D) Tax Credits schemes allow UK companies that carry out qualifying R&D related to their trade to claim a Corporation Tax reduction for certain qualifying expenditure.
During a project, you have to make quarterly reports to the grant claims monitoring officer within your funding body i.e. Innovate UK or Horizon Europe, to make sure that you're on target and on budget. Grant claims are made quarterly in arrears with the exact amount claimable measured by timesheets, invoices, and other spending evidence.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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