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Chartered Certified Accountants
and Business Advisors

01530 447999

Research and Development (R & D) Tax

Research and Development Tax is for businesses that invest in innovation and change!

 

This can be through developing new systems, processes, products, materials, devices or anything else that changes the way that your business works.

 

If you own a limited company that has been trading for 12 months or more and you have developed something as listed above, or you have improved something already existing then you could be eligible to make a claim for The R & D tax relief.

 

Even if your company is not making a profit or it is on a loss then a claim is still on the cards!

 

The following are the industries that typically qualify for R & D Tax.

  • Aerospace

  • Architecture/Construction & Civil Engineering

  • Automotive/Motor Vehicle Engineering

  • Biotechnology/Medical and Pharmaceutical

  • Chemical Engineering

  • Electrical/Electronic and Robotic Engineering

  • Food – Including Restaurants & Breweries

  • IT & Communications

  • Manufacturing

  • Mechanical Engineering

  • Publishing Printing and Reproduction

  • Retail and Wholesale

  • Space

  • Transport

  • Utilities

The types of activities you can claim against vary but here are some ideas for you:

  • Prototypes

  • New products/Materials

  • Design and building software

  • Commission of new or customised software

  • Development or creation of new recipes

  • Design and creation of automation

  • Reduction of waste output

  • Reduction of utility consumption

You can also claim for the costing of the project from the start date you start working on it right up until you develop it.

 

For example;

  • Staff payroll costs

  • Administrative support including agency work that provide you staff for the project

  • Subcontractors costs

  • Consumable items including materials and utilities

You can claim even against projects that have failed in the end. The whole point of the R & D tax is not the outcome of the project but the intent of investing towards technological advancements.

 

The amount you can get back through this scheme depends on the size of the company. Small to Medium Enterprises can claim an effective 14-33% on qualifying costs.

 

Sence has close trusted associates who can deal with your R & D Tax matters in a professional, personable way. Call us on 01530 267320 for more information.

 

28 Nov 2018

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