R&D Tax Credits
Research & Development (R&D) tax relief is the government’s way of rewarding business that invest in innovation. Whether you are developing something new or improving something that already exists there is a potential claim for your business. At Bespoke Partnerships (UK) Ltd R&D is our bread and butter, it is what our focus has been on over the last 4 years. We have a 100% success rate in claiming R&D tax credits for our clients over the last 4 years.
Research & Development Tax Credits is an opportunity that not a lot of businesses are aware of. For example in the financial year 2017/2018 only 50,000 companies in the entire UK had submitted a Research & Development Tax credit claim, which when you think about how many companies there are in the UK, that is a very small number. The reward for businesses can be huge and give you the opportunity of receiving a financial reward whether that be a tax credit or tax rebate back from HMRC.
Years Of Experience
A business can claim back up to 2 financial years on any Research & Development projects that have occurred over this period, these projects could include:
A new process within the business
Of course, there are many other projects that can be claimed, and we would be happy to discuss any projects that our clients feel may qualify for R&D tax credits. The key with your project is that it must have an aspect of uniqueness and cannot be something that you simply have bought off a shelf.
Even if the business has been working on projects that haven’t had a successful outcome, you can still claim R&D on these projects, as you are still carrying out the Research & Development during the project process.
There is no limit to the amount that can be claimed back, and many business costs you may not associate with R&D form the backbone of these claims, the costs include:
Wages and Salaries
Sub Contractor Costs
Business Premises Costs
The claim that will be submitted to HMRC includes a high level technical report, a financial return document detailing the costs associated to the project and the businesses CT600’s for the financial year. The claim will be submitted by our specialist accountant who then keeps us informed on the process when the claim is with HMRC.
Our team will do all the hard work for when it comes to your claim including drawing up the financial details and creating the fully detailed technical report detailing the basis of your claim, all we need from you is the information and documents that we require.
From first contact with our clients to providing them with the good news of a pay-out of their reward should take roughly 4-6 weeks.