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R&D TAX
CREDITS

Research and Development Relief (R&D) are tax credits designed by the government to encourage investment in Research and Development activities as well as other innovative activities. If you’re spending money on developing a new process, product or service either internally or for a customer, you could qualify. The range of businesses carrying out the qualifying activity is ever-expanding. If you employ people who work on projects that advance knowledge and clarify uncertainty you may also qualify.

Approved Tax Limited is part of the Approved Group of Companies; Approved Business Finance,

AMF (Approved Motor Finance) and Approved Property Finance

WHAT ARE R&D TAX CREDITS?

In 2000, the UK government introduced R&D Tax Credits to encourage scientific and technological advances - they would then reward businesses that invested in innovation. However, only 20% of eligible businesses claim this relief scheme.

HMRC officially defines R&D as "R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology. The activities which directly contribute to achieving this advance in science or technology through the resolution of scientific or technological uncertainty are R&D."

For more information, please refer to the HMRC website found HERE

You may be carrying out qualifying R&D activity if you; Design New Products, Develop New Services, Create New Processes, Adapting Existing Processes or focus on Product Innovation.

R&D TAX CREDIT SCHEMES

SME R&D TAX RELIEF

As an SME you can claim up to 18.6% of qualifying spend. The exact percentage depends on the business's financial position e.g. profit or loss-making.

RDEC & LARGE COMPANIES

The Research and Development Expenditure Credit (RDEC) scheme's current benefit is 20% pre-tax, so this would result in a 15% "cash benefit" to the business.

R&D TAX RELIEF COMPARISON

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R&D SECTORS

As with the type of activity carried out, HMRC has broad criteria for what qualifies as R&D in many industry sectors. If your business is investing in finding solutions to scientific and technological problems, you may be carrying out a qualifying R&D activity.

Click here to explore some of our specialist sectors; Construction, Engineering, Manufacturing, Food and Drink, Automotive, Fintech, Hydrogen Production, and Media & Telecommunications.

Please contact our specialist team if you believe your business may be carrying out R&D activity.

OUR R&D TAX CLAIM PROCESS

01

DISCOVERY AND ASSESSMENT

Your dedicated ATL point of contact will work with you to identify the information needed to start your claim. Our specialist in-house team of advisers, technical consultants and industry sector specialists have extensive knowledge of the R&D Tax Credit scheme.

02

INFORMATION COLLATION AND ANALYSIS

Our specialist in-house team will give you the strategic advantage in identifying qualifying R&D within your business. We will work in tandem with your business to collate all the information needed to submit a successful claim through a tailored approach.

03

BUILDING YOUR R&D TAX CREDIT CLAIM

We will build your claim and add the required evidence needed for HMRC. This will detail how your qualifying activities and associated costs have been assessed and the total R&D tax credit benefit. Our compliance measures will ensure you have a claim with strong foundations.

04

APPROVAL AND SUBMISSION TO HMRC

You will receive our reports for your approval. The reports will contain a breakdown of our findings and analysis. We will then finalise our report package and file your tax credit claim in conjunction with your Corporate Tax Return (CT6000).

05

COMMUNICATION WITH HMRC

After the submission of your claim, we will continue to liaise with HMRC on your behalf to ensure a streamlined process. Our team will provide the necessary support and keep you up to date throughout the final stages of your claim.

06

RECEIPT OF BENEFIT FUNDS AND REINVESTMENT

Your benefit is awarded for investment in innovation and your Corporation Tax Bill will be reduced or your cash benefit paid into your bank account. The Approved group can also facilitate the further investment in new equipment and projects to fuel further growth.

Are you looking for a transparent tax advisory service with
no hidden fees and no hassle?

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SPECIALIST

 

Our clients benefit from

in-house advisers, technical consultants and industry sector specialists with innovative incentive knowledge

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STRATEGIC

 

 As part of the Approved 

Group, ATL clients also benefit from a team of finance brokers across business, motor and property

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FAST APPLICATION

 

ATL's expert approach ensures that speed-of-service is at the forefront without compromising on accuracy and adhering to compliance

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5 STAR RATED

Over 230 five-star reviews across the Approved Group gives clients the piece of mind and a proven track record of success

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GEORGE DUNN

Director

It was a huge peace of mind to let George handle my asset finance application. Throughout the process, he was unfailingly focused, understanding and polite.

 

I would highly recommend using Approved Business Finance services with ease of mind that you are a priority and will have support throughout the whole process. -  Javed

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