The increasing importance of R&D tax credits for your business

With businesses across the globe struggling to adapt and survive in a coronavirus landscape, tax incentives continue to offer a way to boost cash reserves available to reinvest.

Research and development (R&D) tax relief and payable R&D tax credits are part of the government’s strategy to encourage investment in innovation in the UK and HM Revenue and Customs (HMRC) continues to encourage businesses investing in UK based innovation to take advantage of this generous tax relief. Despite the continuous need for innovation and bespoke solutions, there are two common assumptions made by companies: they do not undertake any qualifying R&D activities, and it is too difficult to make a successful claim. Companies in almost all sectors will undertake some qualifying R&D.

R&D claims could entitle businesses to significant tax relief, which results in either a reduction in the amount of corporate tax payable to HMRC and in some cases a significant cash repayment.

How we can help

Our specialist teams, located across the country, come from both technical and tax backgrounds, so they have a deep understanding of your business and the activities that qualify for R&D relief. Our strategy is to provide a service to our clients locally, so that we stay closer to you and the markets in which you operate. This means we can develop strong personal relationships that generate real value.

• Full report preparation – Minimising the time spent by your teams
• R&D workshops – Refreshing the knowledge of your in-house knowledge of the R&D tax relief regime
• Review of claims – Review of pre-existing claims and challenge current methodologies
• Management and assistance in resolving HMRC enquiries – Quick resolution of questions raised by experienced R&D specialists
• Advise on tax disclosures and accounting requirements – A blended approach, to suit your current processes, and bring robust external expertise