It’s been a joy to deal with Enhance Consultants. Positive, Professional and Knowledgeable. They exactly what they say they are going to do on time.
Johnathon Moore
The Naturally Vegan Food Company
R&D Services
R&D Tax Credits
Research & Development Tax Credits in UK allow businesses to receive a corporation tax deduction or cash payment from HMRC for costs incurred in developing products, processes, software, or services. Our task at Enhance Consultants is to ensure your R&D tax credits is fully maximized
What are R&D Tax Credits?
The research & development (R&D) tax credit is designed to encourage innovation and increase spending on R&D activities for companies operating in the UK.
It’s one of the UK government’s top incentives for encouraging investment in research and development and allows up to 33.35% of a company’s R&D spend to be recovered either as a reduction in Corporation Tax or a cash repayment.
As of 30 June 2020, £5.3bn of R&D tax relief support has been claimed for 2018-19, corresponding to £35.3bn of R&D expenditure!
Who is eligible for R&D Tax Credits?
Any Company in any industry may be eligible for R&D Tax Credits.
To meet the requirements, the company must have undertaken qualifying research and development activities.
These include:
- Creating new products, processes or services.
- Changing or modifying an existing product or service.
You will qualify for R&D tax credits if your company takes a risk by innovating, improving, or developing a process, product, or service.
A good assessment of whether the work undertaken qualifies as research and development is whether your team faced uncertain outcomes anytime whilst working on the project.
That means that your team did not know from the outset whether a particular outcome was achievable.
If you can show that your project goes beyond simply applying existing technologies, then you may be eligible to make a claim.
Is my business eligible for R&D tax credits?
To benefit from R&D tax incentives, you must:
- Be a limited company in the UK that is subject to Corporation Tax.
- Have carried out qualifying research and development activities.
- Have spent money on these projects.
R&D can take place in any sector. It occurs in everything from cheese-making to Chemical Engineering, and Construction to Digital Development.
What are the key benefits of R&D Tax Credits?
R&D tax credits can be a valuable form of financial support for all businesses. In addition, it is helping businesses across all sectors in the UK develop some of the world’s leading products, processes and services
Cash Injection
R&D Tax Credits are an important non-repayable source of capital for many small, medium, and large businesses
Boost Innovation
R&D tax credits encourage businesses to invest in research and development & innovation
Economic Growth
Every £1 invested on public R&D generates around £7 in net economic gain to the UK and unlocks £1.40 in private R&D investment
Leaders
R&D Tax Credits assist to place the UK at the forefront of global R&D and innovation.
TESTIMONIAL
What Our Clients Say!
Putting in an R&D tax credit application can be daunting, especially if you don’t know anything about it!
We met with Enhance Consultants and they were REALLY helpful, they provided quick & easy support and responded to our queries promptly. A week within meeting them our application was done, with about a day of work on our side. They removed all of our worries and our application was successful. We are happy to recommend them to anyone and will be making any future claims with them!
Arevna Partners
Recruitment Consultants
What costs qualify for R&D tax credits?
- Staff, including salaries, employer’s NIC, pension contributions and reimbursed expenses
- Subcontractors and freelancers. Materials and consumables including heat, light and power that are used up or transformed by the R&D process
- Software use
- Any others