Churchgates Corporate and Business Tax team specialise in identifying existing clients that are incurring expenditure that might qualify for R&D tax relief and making R&D tax relief claims alongside the completion of the annual accounts and Corporation Tax Return.
R & D Tax Advice in Bury St Edmunds
One way in which the UK tax system encourages companies to innovate is by offering cash tax credits and additional tax relief for expenditure on Research and Development (R&D) projects
Preparing the R&D claims alongside the accounts and Corporation Tax computations ensures that all expenditure is considered in detail. We find that when R&D is outsourced to a third party often there is a lot of duplication of work and often the expenditure is not scrutinised on the same level that would be necessary for preparation of the accounts, leading to understated claims.
Our team work with the individuals in the client company that are at the heart of the innovation, so that a detailed report can be presented to HMRC justifying what is often a very valuable claim. We can also assist with making an advance-assurance application under HMRC’s pre approval mechanism, which can provide certainty if there is any doubt as to whether a company’s activities constitute genuine R&D.
The team has experience in making R&D claims for various business sectors including (but not limited to) agriculture, hospitality, manufacture, and high-level innovative technology. Recent cases include:
- Industry-leading technology company: £3.473 million of additional tax relief identified resulting in cash tax credits of £1.02 million in one accounting period.
- Environmentally friendly innovative packaging producer: £597K of additional tax relief identified (over half of the total expenditure in the period) resulting in a cash tax credit of £155K in one accounting period.
- Designer of ergonomic camping equipment: £14K of additional tax relief identified (almost 90% of the total expenditure incurred in the period) resulting in a cash tax credit of £3,700.
These recent cases indicate that R&D tax relief is available to a wide variety of companies, not just to companies working in a laboratory setting.
We offer a highly competitive and transparent fee structure agreed at outset. Our fees are generally based on a percentage of the additional tax relief obtained, but fixed fees can be negotiated if desired.
For more information about how Churchgates can help your company successfully claim R&D tax relief please email us at [email protected], call us on 01284 701271 or complete our contact form.