We know that the R&D legislation can be daunting,
so we've put together a quick guide to some of the most frequently asked questions.
R&D Tax Credits were introduced by the UK Government in 2000 to stimulate business innovation. The R&D Tax Credit incentive allows companies that carry out development of innovative products, processes and services to claim an extra corporation tax deduction for doing so.
Many companies don’t realise how much of what they do within their day-to-day activities actually qualifies as R&D. We help our clients to identify all qualifying activities that can be claimed for. We also help our clients to evolve by developing tailored R&D strategies that fulfil business objectives, ensuring future R&D activities and all associated expenditure is fully optimised.
Our proven track record, methodologies and robust processes have been developed to enable our expert team to work with you every step of the way and to undertake approximately 90% of the work so you can concentrate on developing your business. This includes writing your full comprehensive HMRC compliant technical report.
You have two years from the end of your accounting period to submit a research and development (R&D) tax credit claim for any qualifying activities and associated expenditure during this period. R&D Tax Credits are a corporation tax relief and the deadline for amending your corporation tax return is typically two years after the end of your accounting period.
SMEs can claim up to 33% of R&D expenditure incurred, and large companies up to 10%.
However, it’s very likely that you are potentially undertaking much more in the way of qualifying activities for this purpose than you think; so contact us today to arrange a free and no-obligation consultation.
If your company has incurred expenditure (including time & salaries) developing new products, processes or services, or if you’ve made enhancements to existing products, processes or services, you will probably be eligible for R&D tax benefit. By using our proven process to achieve a successful outcome, Momentum will prepare your claim ready for submission to HMRC.
In the unlikely event that HMRC raise a question about an R&D Tax Credits claim, Momentum has a fully qualified team, including ex-HMRC inspector, internal compliance officers and professional advisers, to respond to any such queries.
Unlike many others, Momentum doesn’t view your R&D as a mere tax-mitigation exercise. We know that the R&D Tax Credits initiative offers businesses an opportunity to grow and to realise their potential. And with thousands of claims under our belt, we make a real difference where it’s needed most.
Our long-established business advancement team stands behind every application we prepare, working with our partners and HMRC before, during and after a claim.
No! Our business model is simple, we only raise an invoice when you receive your benefit and/or confirmation in writing from HMRC that any tax savings have been applied elsewhere so as to reduce an existing or future tax liability.
Our professional services fees are a percentage of the overall benefit we secure for you, so you’ll always be better off with no financial risk of upfront fees etc. and ensuring that you will not be left out of pocket!