Twenty years on since the scheme was introduced, many businesses are still only now realising R&D tax relief is something that they are able to harness. Companies are often developing products and services which they considered to be standard, when in reality, they were pushing innovation as a company and the industry as a whole.
Word is certainly getting out thanks to the efforts of our R&D ‘dream team’, James Geary and Gina Gardner of the Corporate Tax team, who have just hit the milestone of £20 million saved for clients over their six years with the firm!
The level of savings generated have been steadily increasing year on year, but since lockdown they appear to have rocketed! The relief is a way of releasing much needed cash flow for doing what businesses already do in most cases, and the more businesses they help, the more the demand grows.
Particularly in the current climate, the immediate cash flow advantage can mean the difference between a business surviving Covid-19 or not. With a current government consultation looking at further widening the scope of qualifying activities covered, this clearly demonstrates their long term commitment to the scheme and reemphasises the wide range of qualifying sectors.
It’s been a pleasure working throughout lockdown to continue supporting our clients who have received R&D funding or reductions in their Corporation Tax which has meant they could react to the unprecedented circumstances, retain key staff, and diversify where required. We have also seen a significant increase in our collaboration with other Accountancy firms, helping them to support their clients with our specialist R&D service by way of referrals.
To help keep up with the rapidly expanding client portfolio, we have recently recruited a Trainee into the Corporate Tax team, Joe Lock, who will most certainly be kept busy over the coming weeks and months – and indeed years. The team are very excited to being able to increase their future capacity as a result, as well as to further increase our ability to raise awareness with local and national businesses about R&D Tax Relief and the opportunities they may be missing out on.
Innovation is crucial for business growth and survival over the coming years, and this relief exists specifically to help UK companies to invest and grow through advances in their products and services.
If you would like to discuss your eligibility, please do get in touch with our Corporate Tax Team by calling 01242 776000 or sending an email to tax@randall-payne.co.uk, and perhaps your business could help pave the way towards our £30 million milestone!
Other articles you may be interested in:
R&D Advisor – Why you should choose us
R&D Tax Credits – the best Covid-19 business support out there?
