The R&D Tax Credits scheme is an HMRC incentive, designed to inspire innovation and increased spending on R&D activities by companies operating in the UK.
Research and Development (R&D) Tax Credits are a government incentive that rewards UK businesses who invest in innovation. You could be eligible to claim R&D Tax Credits if you’re developing new products, services, process – or developing existing ones. R&D Tax Credits are not limited to a specific sector, so it’s worth finding out if you could make a claim. Plus, If you’re claiming for the first time, you can typically claim for the previous two years.
If you have less than 500 employees or less than €100m turnover, the benefit is £24.70 per £100 spent on R&D if profit making, or £33 is loss making. If you have over 500 employees or more than €100m turnover, the benefit is £10.50 per £100 spent on R&D – with no minimum spend or upper limit on claims.
We have been working on R&D Tax Credits claims for over 10 years and have identified over £210 million in eligible R&D spend and brought £24 million in tax benefit to our clients, boosting their ability to stay ahead in a globally competitive market.
Our aim is to simplify the R&D Tax Credits claim process with minimal disruption to your business. We have Consultants with expertise in a wide variety of science, engineering, software and healthcare disciplines and therefore, fully understand the science and technology your project is centred around.
TBAT’s Senior R&D Tax Consultant, Ian Davie, is a member of HMRC’s Research and Development Communication Forum. This means that we’re always up to date on legislation and guidance changes and are expertly placed to handle your claim. Our in-house Accountant, Elaine Williams, is a member of the ICAEW with 20 years of post qualification experience and is responsible for reviewing all of the R&D financial claims prepared by TBAT, as well as liaising with accountants to ensure that R&D claims are entered correctly onto the CT600 tax returns.
We have a great understanding of HMRC requirements and have successfully claimed from a range of industry sectors. Our clients’ satisfaction is paramount, with all of them receiving their benefit from HMRC. As a result, many return year on year.