Many business owners don’t believe that they are eligible for R&D tax relief as they think it’s only for huge scientific breakthroughs. But R&D tax credits are designed to encourage investment in innovation, whether that’s developing a new process, product or service either internally or for a customer, you could qualify.
Imagine if you had extra tens of thousands of pounds to invest in your business? This is what R&D tax credits can do. This extra money could be used to reduce your tax bill or increase your taxable losses.
BOOK A CALL BACK CALL USThere are huge benefits to using the dns R&D tax credits team to claim
your R&D tax
credits , here’s just a few of them…
Our leading R&D tax relief service is easy and streamlined, to help you claim R&D tax credits whoever you are, wherever you are. Our R&D credit claim process is:
Our leading R&D tax relief service is easy and streamlined, to help you claim R&D tax credits whoever you are, wherever you are. Our R&D credit claim process is:
Our leading R&D tax relief service is easy and streamlined, to help you claim R&D tax credits whoever you are, wherever you are. Our R&D credit claim process is:
Our leading R&D tax relief service is easy and streamlined, to help you claim R&D tax credits whoever you are, wherever you are. Our R&D credit claim process is:
Do you need an R&D tax credits claim service from leading experts? Give us a call today on 03300 886 686 to speak to our advisors, we'll find the right solution to all R&D needs.
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Read moreI am writing this email as a token of appreciation for Manish Garg, who is our lead accountant for the past couple of years. Manish is a very helpful person who often goes above and beyond to ensure that clients are fully satisfied and happy with the service provided by DNS. He also has a friendly attitude coupled with excellent subject knowledge and attention to detail, and is certainly a great asset for the company. Owing to such a fantastic service provided by Manish, I will always recommend DNS associates to all my contractor friends and colleagues.
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DNS Associates provides cost effective and very professional services. My accountant Sneha Gurudutta has been always very keen to assist with whatever queries I may have. They are punctual and provide excellent service throughout.
Very professional and efficient team. I will highly recommended to all small or big business owners. Amit Gupta is our account manager and he is handling our two companies accounts. he is very helpful and he always notify us time to time . Thank you Amit Gupta and all DNS accountants team.
I’m a new client and Debangshu Sarkar has been reliable, timely and informative to date. Very impressed with the service.
Excellent services, my account manager Amit Gupta always there for me, excellent work on time and take every extra mile for my business, always gives the time to explain. Really can’t complain.
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Got questions?
For tax purposes, when a company undertakes a project that seeks to achieve an advancement in overall knowledge or capability in a field of science or technology, it is involved in R&D. The R&D scheme enables the company to either reduce its corporation tax liability, get a tax refund on previously paid tax, or, if the company is loss-making, they could receive a tax credit byproving that theyhave incurred costs on qualifying R&D.
There are primarily two types of R&D Relief based on your company size and whether or not your project has been sub-contracted to you.
If you are an SME, i.e., a small or a medium-sized enterprise, with less than 500 employees and a turnover of a maximum of €100m or a balance sheet total of less than €86m, you can claim the SME R&D Relief.
What it offers? This relief allows a company to do the following:
If you are a large company and want to claim an R&D relief, then this is the relief for you. It can also be claimed by SMEs and large companies, sub-contracted to do the R&D work by a larger company.
What it offers? The RDEC offers you a tax credit for 11% of your qualifying costs on the R&D project.
As mentioned earlier, if you are an SME, with less than 500 employees and a turnover of a maximum of €100m or a balance sheet total of a maximum of €86m, you can claim the SME R&D Relief. It needs to be noted that you need to consider the figures of linked and partner companies while calculating if you are an SME.
Projects that make an advancement in some area of science or technology will usually qualify for R&D. It doesn't have to be a ground-breaking invention orthose that happen only in white coats scientific laboratory, but it does need to achieve advancement in science or technology, and by extension the industry in some way.
For a project to qualify, the company needs to explain how the project:
Therefore R&D can include creating new processes, products or services, making recognisable improvements to existing ones and even using science and technology to replicate existing processes, products and services in a new way.
Whatever the size of your business, if you are creating new products, processes or services – or modifying existing ones – there is a good chance you could be carrying out R&D. R&D can take place in any sector. It occurs in everything from food-processing to software development, construction to healthcare.
While submitting a corporation tax return, a business must check (put ‘X’) for box 99 which is for SMEs, and the improved expenditure in box 101. However, DNS Accountants recommend that businesses should interact with members from their learned and experienced team to seek guidance and advice on making a claim. This will help the businesses to make certain that every section of the define criteria is met, and the actual spending amount corresponding to R&D can be claimed back
Businesses will be required to notify HM Revenue and Customs (HMRC) and explain them the reason for a particular R&D activity to qualify for a tax relief. Usually, there is a time range within which a business must make sure that they have filed for a relief – this period is 2 years subsequent to the end of the tax return accounting period. If a business thinks that it qualifies for a R&D tax claim, it is imperative to produce adequate records of project in case HMRC demands for them. By doing so, businesses can make sure that they have applied for the tax relief and are likely to qualify for the claim
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