News update for accountancy Firms and companies claiming R&D Tax Credits

Date: 4th May 2016

New Template on supporting narrative and date requested with claims. HMRC have now introduced a new Template covering the supporting narrative and data they want to see with R&D Tax Credit claims. This includes the following information (and more) for R&D work carried out in the relevant accounting period for each project: • Explanation of advances in knowledge or capability in science or technology sought. • Description of scientific or...
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R&D and Financial Record Keeping

Date: 14th April 2016

Note: All articles in this blog are intended to provide general guidance only. Please contact us for specific guidance for your particular circumstances. R&D Tax relief is a very valuable benefit to companies undertaking R&D, often saving between 25% and 34% of R&D costs and providing welcome cash flow into the business at critical times. However, frequently overlooked is the need to ensure adequate record keeping to evidence your company’s R&D expenditure...
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R&D tax credits: small business takes a larger slice

Date: 2nd November 2015

The latest figures for R&D tax credit claims are out and the number of claims rose in 2013-14 compared with the previous year, with 20,100 claims made in total. This represents £1.75 billion of support and £14.3 billion of R&D expenditure. The total R&D expenditure on which claims were made increased by 7% in 2013-14. The number of claims from Small and Medium Enterprises (SMEs) rose in 2013-14 by 23% over the previous year....
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What costs qualify for R & D Tax Credit?

Date: 10th March 2015

Many small and medium sized businesses continue to under claim for R & D Tax Relief why is this still happening? Many have said to us it is “Because we are not sure of the rules, and neither it seems are our accountants” There are four critical rules to be considered when deciding if you have a valid claim, they are Are you taking the financial risk in your development programs?Does what you are developing involve science or technology?Are ther...
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RandD Tax Workshop 18th March

Date: 26th February 2015

R&D Tax Credit Workshop for Accountants We will be running a free CPD workshop for accountancy firms at the Marriott Hotel, Portsmouth on Wednesday 18th March, 2015 from 11.30 to 14.30 including a hot buffet lunch. This workshop has been very successfully run over the past year, leading to new R&D tax relieve claims which generated tax savings for claimant companies and fees for our accountant partners.
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R&D Tax relief working with accountants

Date: 11th December 2014

R&D Tax relief and working with accountants - As the government continues to encourage research and development, more businesses realize that they should investigate whether they can claim for R&D Tax Credits, most companies will normally approach their accountant in the first instance. Most accountants deal with a very small number of these claims each year and so they may not be certain of what exactly is involved and can be claimed. In these circumstances a short tele...
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Why R&D is Important for a Firm?

Date: 17th November 2014

R&D (Research and Development) is why mankind has progressed to such an extent. If a few brave men and women didn’t have the courage to venture into the unknown, we would not have been able to step into the light as a society. R&D can never be underestimated just like an idea. Given the right fuel and encouragement an idea can change the world. This is very apparent with the current generation; innovation is progressing at a rapid phase. A ground-breaking technology is at...
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Cash value of R&D tax credits rises!

Date: 30th October 2014

Before identifying what the value of R&D tax credits might be to your company, it’s worth noting that the UK Government’s R&D tax credits scheme is primarily a corporation tax relief scheme. In some cases, a SME (Small or Medium sized Enterprise) can first use its R&D tax credits to reduce its tax bill to zero and then take the rest as a cash payment. Government statistics published in 2013 indicated that the average claim value for a SME was around ...
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Conditions That Need To Be Met For Claiming R&D Tax Credits

Date: 29th September 2014

R&D can be defined as “a work to resolve scientific or technological uncertainty aimed at achieving advancement in science or technology”. It’s estimated that about 6,500 or more small or medium-sized companies claim tax credits for R&D and approximately 37% of these companies increased their R&D budget as a result. In the case of a company that is making a profit is entitled to claim a more generous relief as a deduction from its overall corporatio...
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R&D Tax Relief: Significance and Getting Expert Help

Date: 22nd September 2014

Companies that are involved in research and development (R&D) can avail a benefit from the R&D tax relief schemes. Claiming relief is based on the category under which an organization comes under, the SME (small or medium-sized enterprise) or larger corporations. In both schemes it is recommended that a business owner consult an expert to get the best out of the tax reliefs. The scheme was launched in a bid to improve R&D in the UK. Innovation is most of th...
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