R&D Tax Credits
Southampton
Southampton has a thriving technology sector, thanks, in part, to the research carried out by the University of Southampton. In fact, there are more than 100 businesses based on the university campus, with many more benefiting from the steady stream of graduates from tech courses. Southampton has seen growth in the digital advertising, finance and energy sectors, which are all driven by innovation.
At R&D Tax, we have helped hundreds of companies maximise their investment in innovation and development, by streamlining the process of applying for R&D tax credits.
Our highly skilled team of tax consultants in Southampton will take you through the whole process, from identifying if your business is eligible to make a claim, through to your payment.
So who is eligible to claim for R&D tax credits? Any business that creates new products, develops new software - or works to enhance what is already in place, could potentially benefit from these incentives.
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The short answer is to contact us!
These 3 questions to help guide you on whether your project qualifies for R&D tax credits;
- Does your company develop new products, processes, services or materials, or develop science and technology to enhance existing ones?
- Does your company set out to achieve an advance in scientific or technological knowledge or capability?
- Does your project involve and technical or scientific uncertainty that a professional in your field cannot readily resolve?
If your project can answer yes to all these questions then it’s worth investigating further if you have an R&D claim.
Each ‘cost’ has specific rules around the correct treatment. However, some notable costs you can claim R&D credits include; staff costs, software, consumables and sub-contractors.
Yes! Explore our claims calculator to discover how much an R&D claim might be worth for your company.
Where the corporation tax rate is 19% a claim that just generates tax relief is worth 24.7% of qualifying costs, and R&D Tax Credit Claim is worth between 18.85% & 33.35% depending on the tax position. RDEC is worth 9.72% assuming it is payable after caps and offsets. Try our free estimator tool to find out more about what you could potentially claim.
HMRC do not have a KPI for claims involving tax relief, payment times depend on the processing speed of your Corporation Tax Office. These are generally good, and 4-6 weeks is not untypical. For an SME payable R&D Tax Credit the KPI is 95% in 28 days. HMRC, in recent years, 2018 & 2019, have not been achieving this and claims have been taking 12-16 weeks to get paid. No KPI exists for RDEC and recent processing has been very slow.
Get in touch with our regional consultants for a free assessment.
Our expert advisors have wide experience and knowledge in R&D tax claims. Get started today with our Free Assessment or find out more about how you can claim R&D tax credits, if your company is eligible, how much you can claim and much more.
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