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 development over the previous two years and you can recover up to 33% of these by claiming R&D Tax Credits, usually within a few weeks.
According to HMRC, the average SME claim last year was £43K. That goes straight onto your bottom line…..
With R&D Tax Credits you can reclaim up to 33% of your development costs incurred over the past two year
The questions to ask are:
- Do I design innovative products?
- Do I employ technical staff?
- While I design or improve my products, do I conduct tests or trials to prove that they work and comply with Ex regulations?
- Do I spend money on turning my ideas into equipment?
If this is you or your business, then you really should check your R&D tax credit eligibility. It’s quite easy to find out and confirming that you can claim will cost you absolutely nothing.
How do I check my R&D tax credit eligibility?
Reputable Research and Development Tax Credit specialists will make no charge for advising you on your eligibility and potential claim value.
RandDTax will help you to technically justify your claim in writing and to maximise its value. Our fee is contingent on success and we always work with your own trusted Accountant. It is a fairly rapid process and your claims will usually processed within 5 weeks from submission of the prepared documents by your own trusted Accountant.
We jealously guard our 100% success record and will not recommend that you claim unless we are very confident of the positive outcome. Our own name and therefore our reputation with HMRC, is stated on the claim documents.
Jaime Lumsden. Director