Recent news from HMRC is that the overall value for Research & Development (R&D) tax credits rose in 2013/14 to £1.75bn. Despite this, many businesses are still not taking advantage of these valuable tax relief opportunities and, with a two year window to claim, time may be running out for some.
Steve Govey of Beavis Morgan is a specialist adviser to businesses in relation to the successful application of R&D tax relief and has helped many businesses make significant claims when they were previously unaware that they could. He maintains that, whist it can be a complex process, with the right adviser it may be easier than you think to claim tax relief. Here are some of the situations Steve regularly comes across – asked and answered:
- Our accountant says we don’t qualify – That’s because they don’t understand it themselves and don’t want to look unknowledgeable
- I don’t work in a laboratory, so my work isn’t relevant for R&D tax relief – The majority of our claims are for some form of software development, but can encompass an enormous range of activities
- It’s too complicated to bother – At Beavis Morgan, we have a proven methodology, accepted by HMRC. We can often obtain a repayment within 6 or 8 weeks of our first meeting. Our recent best was 31 days!
- I don’t want to risk the expense of applying – Our fees are usually fully contingent on success
Does your business undertake research and development? Many businesses incur costs which are not separately identified as research, because ongoing enhancement of existing products and services “is just what we do”. There are additional tax deductions for qualifying research and development expenditure and, whilst the rules can be complex, we have a team of experts who can maximise the value of any potential claim.
Speak to us today to set the benefits in motion. Our proven methodology offers a painless approach towards obtaining R&D Tax Relief.