FREE initial consultation carried out over telephone or zoom to assess your eligibility.
- Option to reduce Corporation Tax or it may be possible to surrender the claim for cash
- No claim, No fee. We won’t charge you until your claim has been approved
- 100% success rate with claims
Adding value to your business
Research & Development (R&D) Tax credits are a government incentive designed to reward UK companies for investing in innovation. The initiative is a company tax relief for research and development that is awarded as either a cash payment and/or Corporation Tax reduction.
A client of ours was unaware of R&D and its benefits. After a quick review of their accounts and a few meetings, we discovered that there was over £1.4 million show which gave rise to a saving of over £240,000 as a mixture of tax reductions and a cash injection into the business.
The benefits of R&D tax credits
Access a hidden and immediate source of cash to invest back into your business. R&D tax credits create a significant reduction to your current and future tax liabilities as well as helping your business to stay competitive, expand into new markets and facilitate job creation and security.
How much is a claim worth?
Our clients find significant value in our R&D tax relief service. R&D tax relief for SMEs allows your company to take an extra 130% deduction of its qualifying costs, in addition to the normal 100% deduction from the yearly profit.
What counts as R&D?
Broadly speaking, whatever size or sector, if your company is taking a risk to ‘resolve scientific or technological uncertainties’ then this activity may qualify for R&D tax relief. The company must be able to demonstrate that the technical problems they encounter are resolved with original innovative solutions that advance science and technology in general, rather than just advancing the knowledge of the staff members in the company.
Research shows up to 9 out of 10 eligible businesses are missing out on R&D claims. If you suspect your business activity may qualify for R&D tax relief, get in touch with our team.
What costs qualify?
- Staffing costs and salaries.
- Subcontractors and freelancers.
- Utility costs.
- Some types of software.
- Payments to the subjects of clinical trials.
If you’re unsure whether your costs qualify, we’re here to help.
The most recent example of great savings is for a client of ours in engineering who had previously heard of R&D and had started entering into discussions with a 3rd party consultant for R&D.
Their claim was never followed up until we reviewed his accounts and queried why they had not completed the claim. We quickly carried out all the necessary reviews and ensured the claim for the current year and prior year was completed. The business received £20,000 as a cash refund from HMRC and also reduced their current year’s liability by £40,000.
Advantages of our R&D service:
By partnering with EKWilliams, we can give your business strength and stability.