“Our work doesn’t qualify for R&D tax credits.”
“Our work doesn’t qualify for R&D tax credits.”
This what we were told in 2014 by one of the directors of a business we acted for.
Fortunately, the business owner listened to our advice and we prepared and submitted the first R&D tax credit claim in early 2015.
Since then we have saved this business ￡449,850 in tax.
￡449,850 which has been invested back into the business.
￡449,850 which has helped the owner pay himself in the early days when cash was really tight.
￡449,850 which has helped them to build their team and punch well above their weight.
￡449,850 which has helped build the business into one of the most respected service providers in their sector.
￡449,850 which meant that even though business ‘fell off a cliff’ (client’s words, not mine) in 2020, they are still financially strong, cash rich and well placed to grow again in 2021.
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So, the message in all this?
Please don’t just assume that what your business does won’t qualify for R&D tax credits.
Speak to your accountant and ask them if some of your work could qualify.
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If they’re not sure, answer these questions about the work you do:
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Has the business done anything in?the last 3 years that has been difficult and involved technical challenges?
Were the technical challenges related to making something new, such as a product, process or service?
Were the technical challenges related to improving an existing product, process or service; to make it better, cheaper or more efficient?
Did you use people with appropriate skills and experience to carry out the work?
For the work carried out, have you incurred any internal or outsourced people costs, and materials costs?
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If you answered yes to some of these questions there’s a good chance that your business will qualify for R&D tax credits.
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So, if you did answer ‘yes’ please?get in touch?and we’ll be very happy to schedule a quick call, only 10-15 minutes needed, to establish whether your business could qualify for R&D.
That call could be worth ￡449,850 to you and your business.