Are you missing out?

Business Insight

Missing out on keeping more of your valuable government tax relief that is. If so, you are not alone.

You may have heard about the UK government’s R&D tax credit scheme, worth potentially thousands of pounds, either in the form of a reduction in the amount of tax companies pay or a credit against tax. There has been growing awareness of the scheme across the UK over the past couple of years. However, you may not have been aware that there are alternatives to accessing this scheme through a traditional advisor and, in the process, keeping substantially more of the credit in your business – on average £16k more.

Hold up - what are R&D tax credits?

Before we get ahead of ourselves, a quick primer on these government incentives. Introduced in 2000 for SMEs and 2002 for larger companies, they’re a mechanism for the government to encourage research & development in the UK.

R&D is something that is carried out by businesses of all sizes and not just by high tech organisations. Indeed, the government definition of a qualifying activity is purposefully broad. So, if you are a UK company that spends, or has spent in the last two years, money on developing new products, processes or services, or enhancing existing ones, even unsuccessfully, you could be eligible.

Maximising your R&D tax credit claim by using the right type of advisor

Often the best approach to making an R&D tax credit claim is to work with a specialist R&D tax credit advisor that can provide targeted technical expertise and deliver an exceptional level of service. We, says Hari Sandhu, Director at R&D Claims specialist provider EmpowerRD, build on this expertise and service by adding transparency.

The aim is to bring transparency to the R&D tax claims industry for businesses across the country, making the process easier to navigate and much more affordable. We offer business an online platform supported by expert guidance, to help you through the R&D tax credit claim process. This offers you the benefits of working with a traditional R&D tax relief specialist at a significantly reduced price and time commitment. You can work through the process at your own pace, seeking help from sector specific specialists, and R&D advisors anytime you have any questions. Take advantage of this wonderful government scheme at a lower fee while retaining greater control, transparency and more of your innovation credit!