Are you missing out on the most under-claimed tax relief in the UK?
Research and Development (R&D) Tax Credits are the most generous form of corporation tax relief in the UK but also are the most under-claimed.
Most people don't know enough about R&D Tax Credits to get the benefit from them and from our extensive experience of successfully advising clients, we have developed a simple ‘Did You Know?’ checklist to help give companies a better understanding of how they could benefit from R&D Tax Credit relief.
Did you know?
- HMRC typically take less than 28 days to process and pay R&D claims.
- R&D Tax Credits offer immediate cash benefits, reduction in current or future tax liabilities.
- R&D for this purpose is normally hidden within the daily operating behaviours.
- A company can review two past accounting periods and claim for projects and associated costs attributed to these.
- You can claim travel expenses that have been attributed to your projects. Albeit, this needs to be administered in a different way to normal travel and subsistence.
- R&D Tax Credits is one of the best tax initiatives to stimulate growth and innovation.
- Most companies, irrespective of size and experience actually significantly underclaim.
- When R&D Tax Credits are completed by experts, the risk of investigation is minimal.
- A proportion of consumables may be claimed.
- Companies can claim for utilities including light, heat, water and electricity.
- Analysing your staff production in a new way could identify the true time spent on R&D.
- Directors dividends normally don’t qualify but most forget to claim their pension contributions.
- There are specialist HMRC departments designated to dealing with R&D Tax Credit claims.
For a downloadable version of our R&D Tax Credits checklist, click here.