Research and development (R&D) tax credits have proved to be a major boost to British business, according to a recent study of nearly 250 business leaders. 39 per cent of those surveyed said they had spent more as a result of the tax credits (money back for research and development). Whilst 47 per cent said the credits had led to them to employ more staff.
The problem remains, however, that many businesses are still unaware that they can claim the credits to help fund R&D, often incorrectly thinking that their ongoing enhancement of existing products and services does not quality, because “it is just what we do”.
In turn, more and more we are hearing of advisers who are telling their clients that they do not qualify, not because this is necessarily true, but rather because the advisers do not understand the R&D tax credit rules themselves and don’t want to look unknowledgeable.
Having helped many businesses across a variety of sectors make significant claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Whilst the rules can be complex, our team of R&D experts can maximise the value of any potential claim. But don’t delay; with a two-year window to take advantage of these valuable tax relief opportunities, time may be running out for some!
Speak to us today to set the benefits in motion. Our proven methodology offers a painless approach towards obtaining R&D tax credits.
Contact Steve Govey or your usual Beavis Morgan Partner.