R&D Tax Credits FAQs
Research and Development relief was introduced by the government in 2000 to encourage UK businesses to invest and enhance the fields of Science and Technology. It is a technique to reward businesses across all sectors by allowing them to claim back some of the money they spent on advancing innovations.
To qualify for the scheme, UK companies must have R&D projects running in an attempt to advance scientific or technological products, services or processes.
When you book in a telephone consultation, one of our expert team will chat through your business and its potential qualifying R&D activities. Don’t worry if you aren’t sure what qualifies, we know the right questions to ask to find out.
- We will handle all the paperwork for you
- Get the money you’re eligible for quickly and painlessly
- Utilise our experience to get the best possible result
- You only pay us if your application is successful
- Enjoy an exceptional service from our expert team
- Telephone consultation – One of our expert team will chat through your business and its potential qualifying R&D activities. Don’t worry if you aren’t sure what qualifies, we know the right questions to ask to find out.
- Preparing your information – Following the call, we’ll pull all your information together. Working in this area means we understand what HMRC are looking for, so we can ensure we have everything they need to make the claim successful.
- Submitting your claim – Our comprehensive service which includes the technical write up will ensure your claim is submitted correctly. We deal with HMRC on your behalf, so you don’t have to.
- Getting approval – Claims are typically approved within six weeks and we aim to pay your refund on the same day we receive it. We’ll only charge you a fee if your claim is successful.
Your company size will influence how much you can claim for. SMEs can claim around 14-33% on any costs which qualify. For Large companies, a credit amount of 8.8% is available under the Research and Development scheme.
Research and Development is a government scheme which aims to support companies that work on innovative projects in science and technology. It can be claimed by a wide range of businesses that do research and development to advance or improve.
The Research and Development Scheme isn’t available to all businesses in the UK – you must be a limited company.
However, if your business conducts a lot of research and development, going limited may be in your best interest. This is something we can advise you on.
No, they cannot – Only companies accountable for Corporation Tax (limited companies) can claim Research & Development Tax Credits.
Depending on your company size, R&D Tax Rates can differ. SMEs are classed as companies with below 500 employees and can claim a higher percentage than Large companies.
You can claim for any qualifying costs which have been made in the last two accounting years of the company.
Projects must meet certain criteria to qualify for Research and Development. This includes researching and developing ways to overcome technological advancements in Science and Technology. This could be developing new or existing products, services, or processes.
Yes – The idea of R&D is to reward businesses for innovating, not only successful or completed projects.
Yes – the purpose of the scheme is to encourage companies to undertake projects for innovations. It is about companies investing in developing new or enhancing existing products, services, or processes.
R&D Tax credits can be paid in three different ways – cash credits, a Corporation Tax rebate, or an expenditure that you may take forward against future profits.
All we will need is a copy of your accounts and CT600.
Our standard fee is 15% of the refund amount, with our minimum fee being £1,500.
Once we have all the necessary information, we can submit your claim within 1-2 working days. Once HMRC receives our submission, they typically pay out the money within 4-6 weeks.
Possibly. Though this is usually a request for more information, and we deal with this on your behalf. We have a 100% success rate so while HMRC may come back to us with a few questions, we have never had a claim rejected.