We make Control Panels – should we be claiming R&D Tax credits?
Date: 5th March 2013
OK so you assemble control panels or systems or switchboards? You probably design bespoke solutions for different applications. Possibly trying some of the latest control devices to improve safety or performance or just space?
Each solution may require its own software, maybe subcontracted out. Then you have to trial or test the system to make sure it performs to spec. There are always a few uncertainties too overcome.
Sometimes you might have to be involved in the integration of your kit with another system. Maybe, you have been commissioned to design a replacement and up to date control solution for an existing generator or turbine or piece of switchgear.
If this sounds like your business and you are not claiming R&D Tax credits and rebates for the past two years……then it would be remiss not to seek advice now, before your year end. Why leave cash on the table? The Government want to encourage you to be innovative.
How do you find out whether you should claim?
Just ask an R&D Tax specialist. A reputable one will advise you at absolutely no cost. You need to know whether you have qualifying costs, roughly how much you can actually claim and finally, how much is it worth.
Your R&D Tax specialists earn their keep only once you are informed and engage them to prepare the Technical Justification. Then it’s their job to help you maximise the claim.
How much will it cost to claim?
You shouldn’t expect to pay more than 18% of the successful claim and make sure that you are allowed to use your own Accountant to submit the claim to HMRC.
Should you be claiming? Well it would be foolish not to check!