Blog

Why Do Companies Under-claim R&D Tax Credits

Date: 21st August 2014

Although the number of claims has increased and more expenditure is being included, the HMRC reports that many companies especially SMEs continue to under-claim or fail to claim R&D tax credits. There could be several reasons for this. Some of them include: Claims made by unqualified people: Accountants are indeed qualified to file your tax credits, but to file claims for R&D tax credit your company needs qualified engineers who understand and interpret q...
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Factors That Could Trigger the HMRC to Doubt Your R&D Tax Credit Claim

Date: 14th August 2014

A rough HMRC estimate indicates that we lose around £30 billion every year through tax gaps. Naturally, it makes sense for the revenue and customs department to scrutinize every claim carefully. Offering incorrect or insufficient information only provokes the HMRC to probe further and look for a pattern of tax avoidance.  Here we list out a few factors that you may be intentionally or inadvertently be guilty of whilst claiming credits for R&D. Unclear R&D Tec...
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Overview of Research and Development (R&D) Relief for Corporation Tax

Date: 11th August 2014

The Research and Development (R&D) Relief is a Corporation Tax (CT) relief that can reduce the company’s overall tax bills. If a company is a small or medium size business, you can choose to receive a tax credit. How it began? The R&D tax relief was announced in the year 200 for small and medium business enterprises and a separate scheme for corporations and large business which was introduced in 2002. The scheme was a result of the UK government’s intentio...
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Finding a Research and Development Tax Credits specialist consultancy in the UK

Date: 7th August 2014

It’s a fact that, since the inception of the Research & Development Tax Credit in the UK, many SMEs (Small and medium enterprises) were not sure whether their R&D costs qualify for R&D Tax Credits due to a lack of legislative interpretation and guidance. In such a scenario, it’s imperative for any company to hire an expert consultant who comprehends the guidelines of Research & Development Tax Credit and provides a cost effective technical v...
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Common Myths Surrounding R&D Tax Credits

Date: 5th August 2014

The government has continually pushed businesses to invest on research and development. In fact, the rate of credit that SMEs can claim for R&D has risen from 11% to 14.5%. But despite the government’s best efforts to support science and innovation in the country, Britain managed to spend only 1.72% of its GDP on research and development. This is far below the government’s target to increase R&D spending by 2.5% of its GDP.  A 2013 news report on Forbes mentioned that...
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Things to Know About RandD Tax Relief in UK

Date: 9th June 2014

Research and Development (R&D) Tax Credits are UK tax incentive designed to encourage companies to invest in R&D. Companies can reduce their R & D tax bill or claim payable cash credits as a proportion of their R&D expenditure. R&D Tax Credit is a reliable HMRC scheme which can help innovative companies to recover up to 25% of their costs. Are you developing new products or enhancing a manufacturing processes? If so, your business may be eligible to claim R&D ta...
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Who have we helped recently?

Date: 12th May 2014

Since we started RandDTax in September 2012, and up to April 2014 our 27 Consultants have handled close to 500 claims for more than 230 companies throughout the UK, gaining them in excess of £7.5m. RandDTax addresses the issues on a national level, to the benefit of innovative SMEs and the entire UK economy.Help SMEs assess qualification, scope R&D work and justify claims. In the last fifteen months RandDTax has helped more than 160 companies make first claims. T...
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R&D Tax Credit Relief – Things to Know Before Claiming!

Date: 28th March 2014

Research and Development (R&D) tax relief is a corporation tax credit relief that’s specifically formulated to reduce your company or organisation’s research and development costs. There are still a lot of companies not claiming R&D relief because they do not fully identify which activities or costs qualify for tax relief, or what qualifies as R&D. Research and development tax credits can go a long way in funding your business with the average claim in the UK be...
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Chancellor gives a boost to SME’s RandD in Budget

Date: 24th March 2014

It was great to hear the Chancellor is increasing the rate of the Research and Development (R&D) Tax Credit for small and medium enterprises (SMEs) who are making losses from 11% up to 14.5% for R&D costs incurred from next week (1st April 2014). The increase was announced in the recent UK Budget Statement 2014. This represents a large percentage increase, and means that up to 32.6% of what you spent on R&D can be claimed as a Tax Credit, which is a cash payment paid out in...
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3 Keys to Start your R and D Tax Claim Today

Date: 19th March 2014

Are you thinking that the extensive tax savings via research and development tax credits are worth pursuing? Then it’s the right time to claim for R&D tax relief. R&D tax credits can be successfully claimed by UK companies across all industry sectors – from builders to engineers and manufacturers to technology firms to, of course, R&D companies. Three keys to making a successful claim for R&D tax credits: Identify Whether Your Company Qualifies...
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