Many accountancy firms or small tax advisors are financial specialists but not science or technology specialists and are not sure if the work that their clients do will qualify for UK R&D tax relief.
As such they frequently rely on the clients determining whether or not they qualify, and to what extent, but often the clients will also not know whether their work qualifies under the tax definition of R&D and valuable relief goes unclaimed. Alternatively clients may overstate the amount of eligible activities and leave themselves open to up to 33% penalties for careless errors.
As well as our R&D tax knowledge and experience of what qualifies, with our scientific and engineering backgrounds, we are able to readily ascertain the maximum eligible amounts that can be claimed under the legislation
Potentially any of your clients that employ scientists, engineers or software developers can make a claim which can allow SMEs (EU definition) to deduct 230% of their R&D costs against profits or if loss-making to receive a tax credit of up to 33% of their R&D expenditure. Large companies can deduct 130% of their R&D costs against profits, a net benefit of 6.3% for a 21% tax payer or receive a cash benefit of 8.8% under the RDEC scheme.
Benefits for our referrers:
Unlike many other firms, we specialise exclusively in R&D tax relief and do not offer any other kind of tax or accounting services, and there is therefore no competition issue.