If you’re involved in business in the UK, you’ve probably heard about R&D Tax Credits by now, but you might not understand what they are or how they could apply to you. And what you don’t know could hurt you! But here at Randd UK Ltd, we’re experts on the subject and have all of the info that you’ll need.
What are R&D Tax Credits?
Research & Development Tax Credits are sums of cash awarded by the government to companies to actively embark on research and development projects. The idea behind it all is to encourage businesses to look into new ways to benefit their field and develop new methods, products or uncover findings that could benefit their industry and the economy overall. Companies who apply for it can claim and receive anything up to a 225% return on their expenditure. The money that you receive is usually a cash sum which you can do with as you please and you can apply for R&D Tax Credits every year, as well as two years retrospectively.
Who can claim R and D Tax Credits?
Many companies don’t realise that this actually applies to them and that there is considerable amounts of money available to them. The tax credits are available to almost any business type in the EU, but arts-based businesses are less likely to launch a successful claim unless their research has a scientific base. But the biggest issue is that over 95% of eligible companies aren’t claiming the R and D tax credits money that they are entitled to. You can find out if you qualify for R&D Tax Credits on randdukltd.co.uk by clicking the link or by contacting us.
How much money can I get from R&D Tax Credits?
The amount is, of course dependant on the money that you are spending on research and development, but R&D Tax Credits claimed by randdukltd.co.uk average in the region of £40-60k. That’s £60,000 for the research that you were already conducting. But as is often the case, the sum can greatly exceed this figure, as shown in this case study on the Torrance Group from Scotland. We successfully claimed in excess of £100,000 for them, and will continue to claim for them on a yearly basis.
How can I claim R&D Tax Credits?
R&D tax credits are claimable from HMRC and the forms are available via their website, but filling in the forms and making sure that you qualify can be a time-consuming process and by submitting an incorrect claim, you could miss out on tens of thousands of pounds. However you can claim R&D Tax Credits via randdukltd.co.uk and we’ll fill in all of the paperwork for you, leaving you to what you do best while we go and claim your money.
Contact us on 07836 683165 or 07791 061969 or click here and fill out our contact form.