Innovate and explore new ideas with expert Research and Development Tax Relief (R&D) services from Accountants Plus.
R&D is saving companies across the UK thousands of pounds every single year and allowing them to invest in exciting new projects with huge future growth potential.
Unlike some accounting firms, R&D Tax Relief advice isn’t just another service we offer, it is one of our biggest strengths and with an entire department of R&D Tax Relief specialists we are the go-to accounting firm for ambitious businesses looking to fuel their future success.
R&D Tax Relief is not only a way to save yourself some money, it is your pathway to unlocking the freedom you have been looking for to explore new ideas without the looming threat of financial risk.
We don’t just help you start your R&D Tax Relief journey, we embark on it with you, and with our expertise and your ideas and aspirations your business dreams could become a reality a lot sooner than you ever thought was possible.
What does R&D Tax Relief mean?
R&D Tax Relief is the form of corporation tax relief that is available to companies that convince HMRC that their expenditure in innovation, research, and product/service development was aimed at solving a genuine scientific or technological challenge, and that the company’s successful solution could advance the entire sector – not just that company.
It is a scheme introduced by the UK Government, providing corporation tax relief to companies who are investing in overcoming scientific or technological uncertainty. The concept behind the scheme is that companies would be far more likely to invest in projects that contribute to economic growth as well as technological development.
If your company is involved in any form of product development, research, or innovation with the potential to advance your industry as a whole, your company may qualify for corporation tax relief in the form of R&D Tax Relief.
Unfortunately, many businesses have never heard of R&D Tax Relief and many more who have assume they are not eligible because they do not fall into the standard definition of a science and technology company.
Why R&D Matters
R&D is so much more than a corporation tax relief strategy.
It is an investment in your future, opening up a whole new world of innovation, technologies, and marketplaces for your business to explore.
From the smallest start-up looking to make a splash to multi-national corporations looking to gain a competitive edge in a battle of the giants, R&D is a must if you want to remain competitive at all times.
If your company is already investing in R&D, but not taking advantage of R&D Tax Relief, you could be missing out big time, and we are here to change that.
Even if you don’t think you are eligible, it is worth a call to our expert team to find out.
You would be amazed if you knew just how many companies undertake eligible projects and are missing out on thousands of pounds in R&D Tax Relief, and your company could well be one of them. Let us amaze you, get in touch today.
How much could I save?
Small to medium sized companies with less than 500 staff, a turnover below 100 million euros and a balance sheet of below 86 million euros could see deductions of up to 186% of all their qualifying costs under the SME R&D Scheme.
Larger businesses exceeding these thresholds can save up to 20% under the R&D Expenditure Credit Programme.\
Latest Update 2024
Following a long period of consultation, the Chancellor recently declared that the Government had completed the review of the R&D Tax Relief scheme. That is welcome news because it indicates that the R&D regulations should be settled for a while – that helps you to plan with some assurance.
One result of the review is that R&D Tax Relief claims for accounting periods beginning on or after 1 April 2024 will only be eligible for one of two R&D Tax Relief schemes: the merged scheme and the SME-intensive scheme. We will provide a detailed update in the near future.
What Qualifies as an R&D Project?
For a project to qualify as R&D Tax Relief eligible…
The Project must enhance the field – There must be some form of benefit to the industry as a whole, not just your business. It is essential that development represents an attempt at overall knowledge advancement and improves upon any existing offerings.
There must have been uncertainty prior to the work beginning – The outcome of the work must not be guaranteed before starting, R&D Tax Relief was designed to promote innovation after all. Both basic research and applied research can be eligible for R&D Tax Relief as both aim to gain knowledge that was previously unknown.
There must be an attempt to overcome the uncertainty – You must show that there was an attempt to solve a problem, even if it wasn’t successful.
The problem cannot be easily solved – You must show that an expert in the field could not easily have done what you did. Previous failed projects by other technology companies in the field is a good start.
Your R&D Journey with Accountants Plus
We are your one-stop-shop for all things R&D Tax Relief related with Accountants who have specialised almost exclusively in R&D tax relief for many years.
Many of our clients choose Accountants Plus purely for our R&D Tax Relief reputation.
Step 1: Discovery Session
All good things start with a conversation. We want to know everything about your business, your projects, and your vision for the future. That’s the foundation of everything we do next.
Step 2: Applications and Execution
Its time for us to get to work, handling all the nuts and bolts of your R&D Tax Relief related accounting and filing all the relevant applications to maximise the savings your company receives. We are with you every step of the way.
Step 3: Ongoing support
The world of R&D Tax Relief is constantly changing and your needs will change with it. We are in for the long haul and will there whenever you need us.
Fuel Your Business Innovation
Think of R&D Tax Relief credits as the rocket fuel needed to launch your most ambitious business strategies.
You’ve got all sorts of ideas about potential new products or research that would revolutionise your business, but what if they don’t work?
It is easy to think ‘what if it doesn’t work’ but the most successful businesses are built on the mindset of ‘what if it does’.
Ready to get started?
Let’s make your R&D dreams a reality. We are just a phone call away if you have decided that now is the time to kickstart the future of your company.
Let’s unlock the potential of your company together. Call us now on 01698 281 554.
