Blog

How to make a successful R&D Tax Credit Claim

Date: 15th November 2016

HMRC are very supportive of correctly presented Research and Development Tax Credit claims. A strong claim requires just three elements: A technical justification A summary of the qualifying costs being claimed A completed CT600 form Correctly presented, the claim will normally progress smoothly, usually within 28 days of submission by your Accountant. Badly prepared and there will be delays, questions from HMRC and a possible rejection....
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R&D Tax Credits – the Myths and Misconceptions

Date: 15th November 2016

Let’s explore why many SMEs, who should be claiming, just aren’t….. Here are eight common myths and misconceptions Claiming is risky and may lead to broader tax investigations. HMRC do not want claims to succeed so make it hard to qualify. We need to own the IPR in order to claim. We are too small to claim. We are just subcontractors, so cannot claim. We only develop web sites so would not qualify. We...
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Patents, Patent Box and R&D Tax Credits

Date: 9th November 2016

Taking out a patent is a medium term activity for an innovative business.  It costs money now but the protection of your innovative product has a long term payback.  You should discuss your interest with a Patent Lawyer in the first instance. Patent Box is a new BIS initiative which allows your patented product to generate profits at a reduced rate of corporation tax. It is being phased in now and requires professional advice on how to set up a method of isolating and recordi...
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Making a profit or loss? It doesn’t matter for R&D Tax claims…

Date: 9th November 2016

R&D Tax Relief is meant to encourage innovation and the SME scheme particularly, is targeted towards small and medium sized businesses which may be in profit or making a loss.  It just doesn’t matter and, if you are in loss, this can be a surprisingly rapid source of much needed cash. Typically, the claim is processed with a cheque from HMRC arriving in less than 5 weeks….straight onto your bottom line, free of tax.  It can transform a small struggling busine...
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Oil and Gas Sector. I manufacture ATEX Certified equipment

Date: 2nd November 2016

Should I be claiming R&D Tax Credits? The Oil, Gas and Petrochem market has become even more competitive during 2015/16 with plunging oil prices impacting all suppliers in the sector. There are simply less orders being placed and competition has increased for all that remains. As a consequence, your cash reserves may have dropped and you are possibly having to reduce staff costs.However, you will probably have been incurring costs for product developmen...
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R&D Tax Relief –Software for the Oil and Gas sector

Date: 2nd November 2016

We develop software for the Oil and Gas sector – Should we be claiming R&D Tax Credits?The Oil, Gas and Petrochem market has become even more competitive during 2015/16 with plunging oil prices impacting all suppliers in the sector. There are simply less orders being placed and competition has increased for all that remain. As a consequence, your cash reserves may have dropped and you are possibly having to reduce staff costs.However,...
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Precision Engineering and R&D Tax Credits

Date: 22nd April 2016

RandDTax have successfully prepared claims for Precision Engineers with cash credits or corporation tax relief of up to £200K being received from HMRC for Research and Development qualifying projects and associated costs. This is a specialist area and requires a combination of understanding the technology and identifying the qualifying costs. Identifying what projects comply, and the qualifying costs acceptable to HMRC, is exactly what RandDTax do. We apply robust qua...
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Research and Development tax credits for motorsport engineers

Date: 20th March 2013

Well….yes! You certainly should check you eligibility, right now….. This is a constantly evolving, high technology and very competitive industry. Whether its engine, power train, body, steering, suspension, fuel delivery, components or software development, here are the key questions to answer and confirm your eligibility for R&D Tax credits:
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