Money back from HMRC – too good to be true?

It does really sound too good to be true, surely HMRC don’t actually give companies money, there must be a catch. Surely my accountant would have told me about this if it was true

This is often what people first think when are told that they may be able to claim some money from HMRC.  However, the R&D scheme was introduced in 2000 to encourage companies to innovate and take risk and so that the UK could be at the forefront on innovation in the global marketplace.

Many businesses spent a great deal of time and money creating new ideas or new products, the government want this risk taking and innovation to continue, hence the R&D tax credit scheme being in existence. The scheme is administered by HMRC and they offer a tax incentive for money spent on research and development and in many cases this is paid as a cash benefit to the business.

So there isn’t a catch, the scheme has been in existence for 20 years. However, make sure you use a specialist R&D accountant to prepare and submit your claim- you wouldn’t want to claim for things you shouldn’t and I’m sure you wouldn’t want miss out on money your business is entitled to.

Is your business eligible? Email Vicky to find out [email protected]