Want to know more? Contact our team of experts today and see how much your claim could be worth!
R&D stands for research and development. It is the process of taking an idea and transforming it into a fully-fledged product or process. Researching, designing, creating and testing are all part of the R&D process.
R&D tax credits are a government incentive designed to encourage innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the number of working hours your business dedicates to Research & Development.
Under the scheme, SME’s can claim back up to 33% of the costs associated with R&D. That’s 33p back for every £1 spent on qualifying R&D activities. To get an idea of how much you could be refunded, check out our handy online calculator.
If you are a limited company based in the UK that is involved in Electrical Engineering, there is a strong chance that you qualify for research and development tax credits.
Research & development is solving an uncertainty – whether you are missing the blueprints, (the Research) the method, (the Development) or both, the money and time that you put into this work can be claimed back – with HMRC wanting to push and reward anyone willing to take the risk of providing something innovative that isn’t certain to be a success. One example of this process would be creating a security system from scratch.
It all starts with a free, no-obligation consultation with one of our innovation relief specialists. This means that finding out if you’re eligible won’t cost you a penny. Our specialist will give you an in-depth explanation of what research and development is and what qualifies – asking you for some examples of activities your business conducts that you think may qualify for R&D tax relief.
Once a basic understanding has been established, you will be asked to send across your end of year accounts, CT600, and some other basic information. An estimated figure will be made for your refund – then your claim will be submitted.
These are just a few ideas of what could qualify for R&D; the possibilities are not set in stone. The project(s) you’re involved in does not have to be successful. You can claim back on anything that involves trying to solve an uncertainty – if you can present proof that the project was going ahead. The money you will claim back will be based on the number of workers you have, the time the project took, and the cost of the actual process.
If you are in the sector of Electrical Engineering and have been involved in creating a unique process, resolving an uncertainty, or anything else which you suspect may qualify due to being an innovation, we urge you to get into contact with us so that we can help you with your claim!
Work out how much your claim could be worth with our easy-to-use R&D tax credits calculator. Remember we can claim up to two years so make sure you don’t miss out on your innovation funding.
Let’s talk about your R&D Claim