It is not just people in white coats that work in Research and Development (R&D). Any UK company potentially carries out work that is classified as R&D. They just don’t realise it. And this could be a costly mistake as thousands of pounds in innovative tax relief are at stake.
The UK government’s long-standing objective for the R&D tax credit scheme is to encourage UK companies to make a greater investment into R&D activities. Why? So that the UK becomes the most attractive place to start, and invest in, innovative companies.
Innovative Tax Relief
More money, fewer hoops to jump through
Over recent years, the level of the scheme’s incentive has been significantly improved and now the UK’s R&D innovation tax credit scheme is not only one of the most generous, but it is also more widely available.
We find that many of the companies that we are introduced to haven’t even considered whether their business would qualify for R&D tax credits. And where they have we find that they are often under-claiming.
Many companies are therefore missing out on thousands of pounds they could be claiming back from HMRC. This money could be used to help fund future business growth and further research or simply to lower this year’s tax bill.
Good news! There is a two year lifeline
Even if this has not been on your radar it needn’t be too late for you to take action. Your company’s last two years’ tax returns can be revised to include optimised, and valid, R&D tax credit claims.
In addition, and in many respects more importantly, all businesses must have an eye on the future. Companies that understand the role of R&D tax credits in their growth can gain a valuable competitive advantage
So, with foresight and careful planning, your business should look at the potential benefits of innovation tax credit and claiming R&D tax credits can bring and start to build into its forecasts, in order to facilitate future growth.
We do all the work to secure your business innovation tax relief
ForrestBrown’s approach is simple, fresh and effective, so give Simon or Lisa-Marie a call on 0117 926 9022 if you would like to discuss the potential benefits for your business or contact us via the website.