Research and Development (R&D) Tax Reliefs provide companies with the opportunity to claim generous tax savings for their innovative activities.
The Benefits of Claiming
Do you pay technical staff to solve technical problems, perhaps developing new or improved processes, products or software?
If so, Somerset Chamber of Commerce can help you claim R&D tax credits from HMRC, which give tax savings for innovating. The savings are significant – usually equivalent to around a quarter of the amount you’ve actually spent. We’ve teamed up with Somerset Chamber Business Partners Albert Goodman to make sure our members are accessing and benefiting from the scheme.
Eligible companies can obtain tax relief on qualifying expenditure either by reducing taxable profits or creating (or increasing) tax losses which can be sacrificed to HMRC in return for a cash repayment.
The relief available is very generous and an SME incurring £100k of qualifying costs could save in the region of £25k in tax. Claims can go back two financial years, so first-time claimants can particularly benefit.
Projects qualifying for R&D relief include those seeking an appreciable improvement in science or technology.
So, if you are paying people to solve technical problems there may be scope to claim if you are:
- Modifying a manufacturing process
- Developing bespoke software
- Creating a new product or improving an existing one
If you think your company might be eligible to make a claim, Somerset Chamber has partnered with our Business Partners Albert Goodman.
The Albert Goodman team make the claims process simple. Their approach focuses on quickly and concisely assessing your potential eligibility before completing the process on your behalf to ensure that all claims are fully compliant before submission.
The Albert Goodman team apply a simple three stage approach to prepare a robust claim that maximises the tax relief available:
1. Initial Discussion
30-60 minutes, either in person or over the phone to explore whether a claim is possible.
2. Technical Meeting
Albert Goodman will meet with you to identify qualifying projects and costs to include in the claim.
3. Produce Claim Documents
Albert Goodman will work with you to maximise the claim within the scope of the legislation. You’ll get a technical report and a summary of qualifying costs that is required to support a claim.
You review it and when you’re happy, you can either submit the whole claim to HMRC with Albert Goodman or use you own accountant to do it for you.
You’ll then receive your tax savings from HMRC – up to a quarter of the amount you’ve actually spent on innovating.
How do I start?
As a member of Somerset Chamber of Commerce it’s easy to access the R&D tax credit scheme with Albert Goodman. Simply contact Jenn Chidley-Sanders or Alistair Tudor on 01823 444924 or email firstname.lastname@example.org and we’ll put you in touch with the right people at Albert Goodman