What is R&D Tax Relief?
R&D tax relief is the government’s way of rewarding businesses that are investing in innovation by developing new, or improving existing products, processes, services, devices and materials or advancing the state of knowledge in their sector.
How long does it take?
Typically, a case will take around three weeks to submit, then a further five weeks for review at HMRC. However, the quicker you can provide the information that is required, the faster Reclaim Tax UK can process your application.
What can I claim for?
Typical claim items include staff costs, materials, utilities, reimbursed travel costs and sub-contractor costs. As a specialist R&D firm, Reclaim Tax UK will conduct a detailed audit of your business to ensure that every opportunity for R&D tax relief is identified.
Why can’t my accountant
As R&D tax relief can be often very complex, many accountants outsource their claims to specialists such as Reclaim Tax UK to avoid key aspects being missed. We work with your accountant to provide specialist support and knowledge to ultimately help you receive the largest benefit possible.
Isn’t R&D just for people
in white lab coats?
No – R&D can happen in any industry, from manufacturing to construction, from IT to marketing, from food processing to engineering.
Why have I not heard
about this before?
It is estimated that although around 800,000 businesses are likely to be eligible for R&D tax relief, just 8% are claiming it.
When do I need to claim by?
R&D tax relief can only be claimed two years from the end of your accounting period. This means that once your business enters a new tax year, you are no longer eligible to claim for any projects that took place more than two years previously.
I think my business did R&D
last year, but the project was
abandoned, does this count?
R&D tax credits covers both successful and
Are there any additional
Reclaim Tax UK charges no up-front costs, and should they fail to identify a claim then they will not charge you a fee at all. The final fee will then be a percentage taken from the amount they’ve claimed back from you.
My business is making a loss this
year, would I still be eligible?
In order to qualify for R&D tax relief, the company must account for Corporation Tax, but the relief is eligible for loss making companies as well as those making profit.