If you’re an innovator in your field, you could be missing out on R&D tax credits. We’ll make sure you benefit from the latest reliefs.
You don’t need to be conducting ‘blue sky’ research to claim research and development tax relief – you just need to be a trailblazer. If you’re developing new products, improving existing products, devising new industrial processes or creating bespoke IT solutions, you could benefit
R&D tax relief has been available since 2000, and although the separate scheme for small and medium sized companies has now been abolished, the potential tax savings under the new merged scheme are still substantial. For example, from April 2024 a company that invests £10,000 in qualifying costs could receive a tax credit of up to £1,620, and this figure is higher for certain “R&D intensive” companies. Staff wages are typically the largest qualifying cost, so you could be investing a lot more than you realise.
R&D relief claims are under significant scrutiny by HMRC at the moment and have changed significantly in 2024 – however we are involved through the professional bodies at the front line of this reform and able to provide honest advice and assessments of your potential eligibility.
Each year we save our clients in excess of £5 million in tax through R&D tax relief, working within a wide range of industries, including:
On average, our small- and medium-sized clients have saved in excess of £20,000 per year using this valuable relief.
We also have experience of dealing with R&D tax credits for larger companies as well as more complex situations involving contracted out R&D activities, an area where the rules have been significantly overhauled for the new merged scheme. If you think you could qualify for R&D tax relief, we’ll arrange a no-obligation meeting to discuss your activity and determine whether a claim is likely – call us on 01242 776000 or submit an enquiry today to find out more.
We are delighted to have joined The R&D Community Ltd and look forward to working together to help build a community of reputable R&D advisers and improve standards in the R&D adviser market.
Following a period of very “light touch” compliance from HMRC for many years, the rise of questionable R&D advice has cost the government billions over the last 10-15 years and they are now policing the reliefs much more effectively. The R&D Community was formed with the specific goal of improving standards of advice available and has devised an excellent certification programme for individual advisers to firm up their knowledge and demonstrate high standards of both technical ability and good ethics.
Our Corporate Tax partner James Geary BMus CTA ATT achieved his certification with distinction. Joe Lock CTA ATT is also currently undertaking this certification.
When our initial accountants could not deliver the independent assessment work on the grant claims quickly enough for our requirements, we approached Randall & Payne and have received regular and timely support for our grant audits ever since. We have benefited from significant R&D support and efficient accounting services from Randall & Payne, who have been supportive, responsive and proactive as the business and technology has flourished.
It was such a relief to find Rachel a few years ago after the accountant we had used for many years retired. We feel confident that Rachel has our best interests at heart.
James Geary has assisted me with planning a number of corporate restructures both for my business and for a few of my clients. He has the ability to consider the goals of all concerned to come up with a solution which not only works for everyone, but maintains tax efficiency and has always managed to secure the necessary advance clearance from HMRC without any hiccups. Very responsive and thoroughly recommended.
We had a great end of year meeting with Will and Andrew which included discussions and advice about new ideas going forward – it’s always pleasing to see progress year on year. We value their assistance and support, knowing they are always in the background and on the end of a phone or email when required. With their wealth of experience and all the latest tax advice, their service is essential for our ongoing success and development as a business.
The team helped select case studies to best illustrate the research and development elements of what we do and assisted at every stage of making a submission. I can’t recommend them enough.
I’d like to say a big thank you to Shaun Pegler and the team at Randall & Payne for always being there and for the invaluable support they give to me and the Applied Change team. They regularly go above and beyond and recently have delivered quickest turn round in year-end accounts so far, including an R&D tax credit. In my case, they haven’t just talked about clients’ success they have actually delivered it, time and time again and in all areas of finance, from tax to payroll to year-end and now book-keeping too. Thank you all and looking forward to continuing to raise the bar together!
We instructed James Geary at Randall & Payne to redistribute some shares for our small business after finding him through one of his blog posts. Not only did he advise us on what we needed in a clear and simple way, he answered all our questions quickly and in a friendly, non-condescending way. The price was very reasonable for the service we received. James went above and beyond, and even liaised with our accountant on our behalf. We would recommend Randall & Payne, and especially James for his knowledge and professionalism, and the ease of working with them.
Randall & Payne have been our accountants, auditors and financial advisors for well over 25 years and continue to be a trusted partner. They act quickly and efficiently, covering all aspects of the fiscal side of our business, including administering our payroll, looking after our tax affairs, year-end accounting and financial planning. As we look to the future, we are happy in the knowledge that Randall & Payne will be working with us to face the challenges ahead.
I wasn’t aware of R&D before engaging with the firm and they guided me through the process brilliantly, extracting the right information and presenting it in a way that was successful. Nothing was too much trouble, even jumping on a screen share with my current Accountant to do things I don’t need to understand! Was delighted with the service as well as the lovely refund we received, and will happily (and frequently do!) recommend them to anyone!
I have been a client of Randall & Payne’s for many years now, both for personal and company accounting services, and I cannot fault them. The firm is excellent across the spectrum, from business leadership coaching and financial planning to practical tax advice. I feel I know the advisers personally now and am always met with the same level of professionalism and friendliness. Even when I feel I may be asking very ‘simple’ questions, they still make me feel valued.
Officeworx Ltd have been using the services of Randall & Payne for 25 years. In this time, they have supported us with everything from our standard year-end accountancy through to business advice, consultancy, acquisitions and mergers. They have experts for every requirement and offer a wide range of services. With the team at Randall & Payne behind us, we can get on with doing what we do best – running our business.
The Partners and team at Randall & Payne simply gave us what we needed to turn our plans into reality. We are excited about the future and are already working with them on the next three-year plan.
