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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, you may have been incurring costs for software development over the previous two years and, by claiming R&D Tax Credits, you can recover up to 33% of these, usually within a few weeks.

According to HMRC, the average SME claim last year was £43K. That goes straight onto the bottom line…..regardless of whether you are in profit or loss.

The questions to ask are:

Recover up to 33% of your development costs over two years 

  • Do we design innovative software?
  • Do we employ technical staff such as developers?
  • While we design or improve our software, do we conduct tests or trials to overcome technological uncertainties?
  • Do we spend money on turning our ideas into software, at our own risk?

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 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 Accountants.  It is a fairly rapid process and your claims will usually be processed within 5 weeks.

We jealously guard our 100% success record and will not recommend that you claim unless we are very confident of the positive outcome.

 

Jaime Lumsden, Director

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