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:
- Am I constantly striving to push the performance of my developments?
- Are there uncertainties that I have to resolve when I start the design?
- Do I pay subcontractors or employees to help me research and develop my equipment or product
If yes is the answer, then you should be claiming R&D Tax Credits now. If you haven’t claimed before, then you can go back two full years and seek a rebate for overpaid PAYE or corporation tax.
How do I find out whether I should be claiming?
Just contact an R&D Tax specialist. Most reputable ones will assess your potential claim and make absolutely no charge for this service. You’ll want to know whether you can claim, how much it’s worth to you, how long before you receive the rebate and how you can claim. A competent R&D Tax Credit specialist will clarify all of that for you for free!
Only once you’re informed do you need to make a claim/no-claim decision, and it shouldn’t cost you one penny to find out…
What does it cost me to actually claim?
Once it’s clear that you should claim, a competitive rate in the sector is around 18% of the successful value, (that’s the actual cheque or the corporation tax reduction), and it’s normally contingent on success.
Some R&D Tax people try to force their own Tax Accountants on you. Resist this. It’s just extra cost and there really is no need. You should use your own trusted year end professional.
What’s it worth to me?
Ask your R&D Tax specialist but the good news is that the average SME claim last year, as confirmed on the HMRC website, is £43,000. Yes, that’s the average claim…….