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R&D Tax Credit Myths Explained

Uncover the secrets of Research and Development Tax Credits with our myth-busting page!

The Truth Behind Research & Development

The truth is, Research and Development is a widely misunderstood benefit that most companies are missing out on.

This is simply due to the amount of incorrect or vague information surrounding the subject. The good news is, we know everything there is to know, so let us debunk some of the most common misconceptions surrounding R&D Tax Credits.

Myth One

R&D Tax Relief is only for companies with laboratories

Wrong!

While companies involved in basic research are prime candidates for R&D Tax Credits, the relief is all about encouraging applied science – solving a customer’s problem or a production issue using known scientific and/or technical principles. This means problem-solving on the shop floor, in the field, on the site, behind a computer – all of which may qualify for R&D Tax Relief!

Nope!

You can claim R&D tax credits for any eligible Research and Development project whether it was successful or not. This scheme after all is supposed to encourage risk-taking and innovation allowing businesses to re-invest into new projects by using this scheme.

Myth Two

You can only claim on successful projects

Myth Three

You Are Only Able To Claim On The Current Financial Year

Incorrect!

You can claim up to two years from your current financial year-end. So, if your current financial year ends soon, enquire before you lose out on a potential year’s worth of a claim! To find out how much you could be eligible for, use our R&D calculator – It takes less than 30 seconds to get an estimate!

Not Quite!

It is true that some grants can make it difficult to claim, but, it isn’t impossible. We have helped many businesses with claiming R&D tax relief, so it is always worth finding out.

Myth Four

You are unable to claim if you have had other grants

Myth Five

Claiming from HMRC is too complicated

Wrong!

It isn’t exactly rocket science to submit a claim from HMRC, but at the same time, it also isn’t very easy either. Our Specialists know exactly what to claim for and which industries can claim. We will handle the claims process for you from start to finish, so you can rest assured knowing you’re getting the maximum claim possible for your innovations. Contact one of our experts today to find out more.

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Ready to embark on your R&D journey? Our team of friendly experts are eager to help your business excel. Whether you have groundbreaking ideas or technological challenges, we’re here to support you every step of the way. Take the first step by using the button below to get in touch with our team today.