Blog

Research and Development Tax Relief for Small Companies – A good thing?

Date: 2nd November 2016

The latest statistics from the National Audit Office related to R&D Tax Credits for the year to April 2015 show: SMEs benefitted by over £1billion for the first time.  A 23% increase on the previous year. Just over 18,000 SMEs and a further 2,000+ Large companies benefitted by in excess of £2.45Billion.  SME growth rate was fastest by some way. One of our Shareholders and a Principal Consultant with RandDTax, Tim Walsh BSc, MBA, CT...
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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 developmen...
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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,...
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Interpreting Brexit-A Round Table Evening

Date: 5th October 2016

Many of our clients have expressed concerns about the operational implications that different options around Brexit could have on their companies. To help with this an event has been organised on the evening of Thursday 27th October 2016 in London at the Marriott County Hall Hotel. The speaker is John Higgins CBE, Director General of DigitalEurope. Digital Europe covers a much wider area than simply EU countries and is the umbrella organisation for all European technology related trade bodies...
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Is R&D tax relief working?? – Part 1

Date: 18th May 2016

As an RandDTax consultant, I am also in my final year of an MBA programme and I am undertaking a research project entitled Research and Development Tax Relief for Small Companies – A good thing? From our client base of over 600 I have taken a random sample and sent out a short questionnaire to explore whether R&D tax relief has influenced investment decisions in SMEs. I am also analysing the financial data to see if there is any correlation between R&...
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News update for accountancy Firms and companies claiming R&D Tax Credits

Date: 4th May 2016

New Template on supporting narrative and date requested with claims. HMRC have now introduced a new Template covering the supporting narrative and data they want to see with R&D Tax Credit claims. This includes the following information (and more) for R&D work carried out in the relevant accounting period for each project: • Explanation of advances in knowledge or capability in science or technology sought. • Description of scientific or...
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Precision Engineering and R&D Tax Credits

Date: 22nd April 2016

RandDTax have successfully prepared claims for Precision Engineers with cash credits or corporation tax relief of up to £200K being received from HMRC for Research and Development qualifying projects and associated costs. This is a specialist area and requires a combination of understanding the technology and identifying the qualifying costs. Identifying what projects comply, and the qualifying costs acceptable to HMRC, is exactly what RandDTax do. We apply robust qua...
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R&D and Financial Record Keeping

Date: 14th April 2016

Note: All articles in this blog are intended to provide general guidance only. Please contact us for specific guidance for your particular circumstances. R&D Tax relief is a very valuable benefit to companies undertaking R&D, often saving between 25% and 34% of R&D costs and providing welcome cash flow into the business at critical times. However, frequently overlooked is the need to ensure adequate record keeping to evidence your company’s R&D expenditure...
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R&D tax credits: small business takes a larger slice

Date: 2nd November 2015

The latest figures for R&D tax credit claims are out and the number of claims rose in 2013-14 compared with the previous year, with 20,100 claims made in total. This represents £1.75 billion of support and £14.3 billion of R&D expenditure. The total R&D expenditure on which claims were made increased by 7% in 2013-14. The number of claims from Small and Medium Enterprises (SMEs) rose in 2013-14 by 23% over the previous year....
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What costs qualify for R & D Tax Credit?

Date: 10th March 2015

Many small and medium sized businesses continue to under claim for R & D Tax Relief why is this still happening? Many have said to us it is “Because we are not sure of the rules, and neither it seems are our accountants” There are four critical rules to be considered when deciding if you have a valid claim, they are Are you taking the financial risk in your development programs?Does what you are developing involve science or technology?Are ther...
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