R&D Tax Credits in Care Homes
Want to know more? Contact our team of experts today and see how much your claim could be worth!
So, what is R&D?
R&D stands for research and development. Research & development is a government incentive designed to boost innovation across multiple industries, including care homes. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based upon the working hours your business dedicates to R&D.
UK Care Homes which spend time creating new products and services, improving existing ones or extending the overall knowledge in their field can claim tax relief for their R&D activity.
The government scheme is designed to drive forward innovation by supporting care homes who seek to improve or overcome challenges or uncertainties in their products and processes.
Data from Catax found that although around 800,000 businesses are likely to be eligible for R&D tax relief, just 5-6% are claiming it. This goes to show that the definition of R&D is much broader than most people think!
R&D Tax Credits in Care Homes
R&D covers many aspects of business within the care sector – from software development to cleaning products, food products to a new light bulb – the only catch is that you are doing something innovative without a guarantee that it will be successful – this means that Care Homes have many ways to qualify for R&D!
What makes my business eligible for innovation funding?
Being a limited company in the UK, subject to corporation tax
Having carried out research and development into new products or processes
Having spent money on these projects
How does it all work?
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.
What are examples of claimable projects within the Care Home Industry?
A new cleaning product
A new food
product
Creating bespoke furniture
Research alongside Universities
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 Care Home Sector/Industry 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!
Check out our R&D tax calculator
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 fund.
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Let’s talk about your R&D Claim