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Is your company missing out on generous government tax relief?
Technology has been front and centre of how we’ve managed throughout the difficult period of the Covid lockdown. Whether it is the use of video conferencing to connect with work colleagues and loved ones, or Mercedes Formula One making respiratory equipment for hospitals, it’s clear how important the tech industry is to all of us.
The government understands the critical difference companies like yours can make, and has established a generous tax relief scheme to ensure you can continue investing in your technology.
Research & Development (R&D) tax relief is one of the UK’s most generous schemes, but it is significantly under-claimed, with most businesses assuming their activity won’t qualify.
For many, this is simply not the case. If you are making an appreciable improvement to an existing product, material, service, device or process, you may qualify. An improvement could be making something cheaper, lighter, faster, more economical or more efficient, and often this activity is the result of a customer request.
SME businesses can claim up to 33p for every £1 spent on qualifying activity, even if they are loss-making and have paid no corporation tax.
In the past 12 months we have helped our clients to save over £4.4 million in tax through the R&D Tax relief for UK businesses.
A quick two-minute chat is all it takes to find out if you qualify for this generous tax relief.
Put simply, if a business is trying to overcome uncertainty (an almost daily occurrence with many projects), creating/developing an idea, a product or a service and through its own research and practical application resolves the issue which does not simply advance a method or uses a product currently in place, then your business may be carrying out a qualifying activity eligible for R&D Tax Credits.
Due to the generous nature of the tax relief there are strict criteria to be met for the company and what expenditure qualifies. Our team of experts will assist you in ensuring all the criteria are valid and the correct expenditure included meaning that any claim made to HMRC stands the best chance of success.
Your business is unique but our teams experience is vast so we will quickly understand what makes the business tick, the challenges you face and the potential for a claim
Our claims reports are individual to your business and reflect the true nature of any R&D turning the inordinately complicated into a straightforward and easy to understand document
Following your agreement we will submit the report to HMRC on your behalf, this means you always remain in control but we do all the work!
We are proud of our daily working relationship with HMRC. We provide you with peace of mind that in the event of any queries we will work with HMRC to resolve on your behalf.
Cottons are one of the leading independent Chartered Accountants in the Midlands with offices in Northampton, Milton Keynes, London, Daventry and Rugby.
Established in 1983, we offer an efficient and professional service led by extremely knowledgeable and experienced partners and staff.
Cottons are a fully regulated member firm of the Institute of Chartered Accountants in England & Wales, offering our clients all of the assurance and protection that this entails.
Our guarantee is our integrity, honesty and confidentiality. This, together with the provision of the best business and financial accounting services, means that we are able to offer positive solutions to your business.
