Research & Development (R&D)
A study by an independent organisation concluded recently that there was approximately £84 billion in unclaimed research and development relief.
Consequently, I am seeking to raise awareness to ensure all company owners understand when they might be entitled to claim some tax relief. This is not just the domain of research facilities and scientists in lab coats!
So who could potentially qualify for the generous tax relief? Companies that invest in trying out something new and innovate. This involves testing an idea, to create something that is not already available in the marketplace.
The project should be seeking to gain advancement in understanding in a scientific or technological field. The process should seek to resolve some significant uncertainties which could not easily be resolved by a competent professional in the relevant field of expertise.
During the last 15 years or so, I have compiled R&D claims for companies that design new chemicals for cleaning products, that write software to optimise internet search engines, that use engineering skills to design weather-resistant feeders for agriculture to a company that has implemented new and innovative techniques in animal husbandry.
If you feel you are doing something innovative, and have not already discussed R&D, I would love to hear from you!
Head to our contact page or give us a call on 03303 307 777.