By James Geary

26 April 2017 Tax

Over £5 million saved with R&D tax claims

We’ve saved our clients over £5 million with R&D tax claims in just three years – how much could we save you?

It is a fact of life that all businesses need to innovate to remain competitive. Innovating necessarily involves investment of money into personnel and materials which often does not reward the business until the medium to long term.

R&D Tax Relief exists to help companies to fund the cost of investing in new products, services and processes. Do not believe the myth that this relief only applies to white coat scientists in laboratories – the application of this relief is so much broader than that.

Many business owners tell us ‘this isn’t R&D, it’s just what we do’. As directors running your businesses, it is easy to assume that the work you carry out on a daily basis is usual and what others in your industry are doing.  The likelihood is that you, like other business owners, are using your own knowledge and experience to develop new things and while your initial approach might be the same, your ideas will be unique to you and the results will be very different. Even changes to your own internal IT systems might qualify for relief.

Some of the below applicable sectors may surprise you, and we work with businesses in these sectors that benefit from R&D Tax Relief on a recurring annual basis:

  • Manufacturing
  • Telecommunications
  • Software and web development
  • Digital marketing and lead generation
  • Financial services
  • Food and drink
  • Electronics and control systems
  • LED lighting
  • Construction
  • Product design
  • Ecological and environmental service

We handle R&D claims by working with you to gain an understanding of your business and then adapting our approach to one that works best for you and your workflow. We understand that our clients are busy, and that time spent away from the day to day activities of the business needs to be minimised. Initially, many of our clients believe the process is going to be difficult and lengthy, however, once engaged and their first claim has been approved, we often get told what an easy process we have made it for them. This is evident by the number of clients who refer other companies to us to assist them.

Where a claim is possible, we will work with you on a success fee arrangement, so you only pay if HMRC accept the claim. To date, we have a 100% success rate so you can be assured that we will only work with you if we feel we can substantiate a claim. Going forwards, annual claims can be made on a fixed-fee arrangement which will be quoted in advance so you always know where you stand.

A number of our R&D clients have another accountant at the time of engaging us and would prefer to maintain their existing relationship. We are happy to work alongside your existing accountant in order to provide the benefits of R&D Tax Credits with no disruption to the usual compliance cycle, and other small firms have been impressed with the way we keep them informed and act as an extension to what they do rather than in competition.

You have nothing to lose and everything to gain – there are time limits for claiming so give us a call now on 01242 776000 or email james.geary@randall-payne.co.uk

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