Common Myths Surrounding R&D Tax Credits

Date: 5th August 2014

The government has continually pushed businesses to invest on research and development. In fact, the rate of credit that SMEs can claim for R&D has risen from 11% to 14.5%. But despite the government’s best efforts to support science and innovation in the country, Britain managed to spend only 1.72% of its GDP on research and development. This is far below the government’s target to increase R&D spending by 2.5% of its GDP.  A 2013 news report on Forbes mentioned that...
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Things to Know About RandD Tax Relief in UK

Date: 9th June 2014

Research and Development (R&D) Tax Credits are UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their R & D tax bill or claim payable cash credits as a proportion of their R&D expenditure. R&D Tax Credit is a reliable HMRC scheme which can help innovative companies to recover up to 25% of their costs. Are you developing new products or enhancing a manufacturing processes? If so, your business may be eligible to claim R&D ta...
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Who have we helped recently?

Date: 12th May 2014

Since we started RandDTax in September 2012, and up to April 2014 our 27 Consultants have handled close to 500 claims for more than 230 companies throughout the UK, gaining them in excess of £7.5m. RandDTax addresses the issues on a national level, to the benefit of innovative SMEs and the entire UK economy.Help SMEs assess qualification, scope R&D work and justify claims. In the last fifteen months RandDTax has helped more than 160 companies make first claims. T...
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Chancellor gives a boost to SME’s RandD in Budget

Date: 24th March 2014

It was great to hear the Chancellor is increasing the rate of the Research and Development (R&D) Tax Credit for small and medium enterprises (SMEs) who are making losses from 11% up to 14.5% for R&D costs incurred from next week (1st April 2014). The increase was announced in the recent UK Budget Statement 2014. This represents a large percentage increase, and means that up to 32.6% of what you spent on R&D can be claimed as a Tax Credit, which is a cash payment paid out in...
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3 Keys to Start your R and D Tax Claim Today

Date: 19th March 2014

Are you thinking that the extensive tax savings via research and development tax credits are worth pursuing? Then it’s the right time to claim for R&D tax relief. R&D tax credits can be successfully claimed by UK companies across all industry sectors – from builders to engineers and manufacturers to technology firms to, of course, R&D companies. Three keys to making a successful claim for R&D tax credits: Identify Whether Your Company Qualifies...
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RandDTax sponsoring the 2014 AIMS Conference

Date: 3rd March 2014

RandDTax are sponsoring the 2014 AIMS conference to be held at the Hilton Hotel Gatwick on the 12th and 13th March. We will be speaking and have a stand there so do come along and meet our consultants at the event, full details are here on the AIMS web site. Our mission is to establish a low cost operation to assist our clients with justifying and claiming for R and D Tax claims through our network of highly skille...
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Cash in on your innovations

Date: 22nd February 2014

Many companies could be missing our on the R&D Tax credits they are entitled to according to Geoff Bennett a consultant with RandDTax. We often wonder why so few companies claim research and development (R&D) tax credits. Geoff wrote an article on this which was R&D tax feature which is on the link in full. Based on our experience of helping some 300 SME clients over 11 years, we have found that many companies and their acco...
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Guidelines for companies to qualify for R&D relief Credits

Date: 29th January 2014

Imagine that you are running an Electronic company manufacturing LED lamps. You have succeeded to improvise LED lamps uniquely and efficiently by spending a considerable amount of money on its research and development. Now it’s time to claim the benefits of Research and Development tax relief provided by the HMRC, UK.Tax Relief is given as a credit, on account of R&D expenses.  The Research and Development tax credit is applicable for Sm...
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Expenses That Can Be Claimed From R&D Tax Relief

Date: 29th January 2014

Most of us may be aware of the fact that HMRA, Government of UK provides R&D tax relief. If you are preparing to claim the same, you need to basically know the expenses that account for claiming research and development tax credit. First and foremost your company and project must meet the definitions set out by the Department for Business, Innovation and Skill (formerly known as Department of Trade and Industry (DTI) to qualify for R&D tax relief....
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Simple Steps Towards Successful R&D Tax Relief Claims

Date: 6th January 2014

The experience of completing a successful UK R&D tax credits claim should be straightforward however, gathering and presenting the technical details to support the claim can be a tough challenge for accountants. The claims process is part of the normal treatment of providing the necessary annual accounts information to HMRC, and the qualifying expenditure should be shown as an adjustment to the profit figure on which tax is calculated. Only the qualifying figure is needed for tax purposes...
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