You can try to hide but it’s happening. The shops are already stocking their shelves with Christmas merchandise.
And as we lumber towards this festive season it’s rare that a conversation about tax is going to contribute towards the Christmas spirit, but we could have some good news for you and your company.
A most unexpected gift
We don’t dress up in red attire with black boots and tear around the night sky behind a crowd of reindeer, but we could give you the best Christmas present you have ever received.
Many companies, and even their accountants, don’t realise that they qualify for generous tax reliefs of up to 225% for operations classified as Research and Development (R&D) Credit in 2012 and 2013.
What people often don’t get is that R&D is not the preserve of science and engineering companies. Any company that is taking a risk by innovating, improving or developing a process, product or service can qualify for R&D tax credits.
And here’s the key point for you to take away today…
Research and Development Tax Credit 2012
You can claim retrospectively for your last two accounting periods. So on 31st December you will lose any reliefs that you had available to you in respect of your year ending December 2011.
The best way to get across how good this is, is to watch some case studies of our delighted (and as you will see, surprised) clients which you will find here.
What’s the catch? The government is normally more like Scrooge than Santa to business!
The government wants to encourage R&D through these generous tax credits because it helps companies grow, employ people and ultimately pay more tax as a bigger, successful company. This positive environment should then encourage more investment in the UK. And so a virtuous circle is created.
What we do for you:
Research and Development Tax Credit 2013
Back to how we can help you. Our expertise is in identifying and maximising valid claims and that currently includes research and development tax credit for 2012 and 2013. We do the leg work with a bit of input from you at key stages. As R&D specialists, we work alongside your existing accountants to complement their service. We are not competing with them.
Given your imminent deadline we would look at the 2011 tax year first. Following a successful claim we would then look at subsequent years in order. Many companies find themselves able to successfully claim every year. So it really is a gift that keeps on giving.
What to do next to claim R&D tax credit for 2012 & 2013
We do urge you to consider this. The majority of our clients either had no idea that they were eligible for this significant tax relief or were aware but did not have the specialist knowledge to maximise the claim.
It takes us about four weeks to lodge a claim with HMRC so the very latest you need to get the ball rolling is December 1st but given the potential value of this to you we would suggest getting in touch as soon as possible to avoid losing out.
Our ethos is to be friendly and approachable. Tax may be intimidating but we most certainly are not. So why not pick up the phone today and call Simon or Lisa-Marie on 0117 926 9022 for a free consultation and to discuss R&D credit.