Fusion Business Services is partnered with a Chartered Tax Adviser that specialises in research and development (R&D) tax credits. Keep reading for more information about R&D tax credits and how every Fusion Business Services accountancy client can benefit from a free consultation with our partner.
What are R&D tax credits?
If your company is striving towards achieving something technically challenging, you may be able to benefit from a valuable government tax incentive – research and development (R&D) tax credits. The government introduced R&D tax credits to incentivise businesses investing in new products, processes and services – or trying to improve existing ones.
The government describes R&D tax credits as:
“Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects.”
For more information, please read the government’s guidance: Claiming Research and Development tax reliefs.
You can apply now if you believe your business is entitled to R&D tax credits. A free consultation with our partners could help you understand the processes involved and how your business can benefit from a potential cash payment or a deduction in Corporation Tax payments.
R&D tax credits apply to numerous aspects of work (and almost every sector is covered), including:
- Creating – Creating new products, processes, software, services or devices.
- Improving – Making appreciable improvements to existing products, processes, software, services or devices.
- Duplicating – Duplicate an existing product, process, software, service or device. For example, trying to reproduce a competitor’s breakthrough.
The project doesn’t even need to be successful. If you could not find a solution to these challenges and the project failed, you can still make a claim.
What business costs can qualify for research and development tax credits?
- Employees – including salaries, employer’s National Insurance Contributions, contributions towards pensions and expenses.
- Subcontractors and temporary workers (contractors and freelancers / agency workers) – including materials associated with research and development and consumables such as lighting, heating and the power you use throughout the process of undertaking the work.
- Any money spent transferred to the subject of clinical trials.
How can our partner help you?
With the help of our partnered R&D Tax Advisers, submitting a claim for R&D tax credits is easy! They can help you with:
- Running through R&D tax credits and reviewing your business.
- Collecting the necessary information to make an R&D tax credits claim. You can run through the qualifying criteria and the processes involved.
- Reporting – Our partner can compile a report on your business and why you are eligible for R&D tax credits, and it will meet HMRC’s criteria.
- Submitting your R&D tax credit claim – Our partners can assist you with submitting your claim to HMRC and keep you up to date with the progress.
Find out more about R&D tax credits and schedule a free consultation with a specialist
To find out more about R&D tax credits and to arrange a free consultation with a specialist R&D Tax Adviser at our partnered company, please call us on 0800 229 4020 or send us a message using the form on this page. We’ll pass your information onto our partner, and a specialist R&D Tax Adviser will be in contact shortly. There is absolutely no obligation to use their service or to register with any third parties.