Innovative Partners make the process simple, providing a complete end-to-end service in claiming R&D tax credits on your behalf.
Innovative Partners make the process simple, providing a complete end-to-end service in claiming R&D tax credits on your behalf.
Introduced by the British government in 2000, Research and Development Tax Credits are intended to incentivise businesses to invest in innovation, allowing you to claim back some of the money that you have spent on trying to improve your industry. While you can check our calculator at the bottom of the page to get a quick estimate of how much you could be refunded, SME’s can potentially claim back up to 33% of costs incurred while performing R&D. The three main types of tax credits you could receive are as follows:
Payable cash credit
For loss-making SMEs, the payable cash credit is not treated as taxable income. For loss-making Large Companies, the payable cash credit is treated as taxable income.
Rebate of corporation tax
Companies that paid tax in the previous two years can roll back the relief to get a rebate of Corporation Tax. (This is tax they would not have paid if they had made the claim at the time.)
Enhanced deduction
That can be carried forward. Some companies will have no option but to keep the relief for use in future years and others will choose to do so because they are confident that they will be paying tax at a higher rate in the future.
What constitutes R&D for most people may be very different from HMRC´s interpretation. At best this leads to wasted time, but in the worst case scenario it could lead to a HMRC investigation.
It can even include duplicating a product, process, service or device, as long as it’s in an appreciably improved way.
Encouragingly, R&D is still deemed to have taken place whether or not the project is actually successful; it’s the ‘seeking’ that counts.
“We were very impressed with the expertise of the Innovative Partners team.”
“Excellent service by Innovative Partners, I have been very happy with all the claims they have done for me.”
“Experienced and very professional, very happy with the service.”
“Quick claim, stress free. I can highly recommend Innovative Partners.”
What’s your current financial position?
Annually, how much do you spend on innovation?
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You can find quick answers to many questions you may have below: