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What are R and D Tax Credits?

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Overview

What are R and D Tax Credits?

R and D Tax Credits were introduced in 2000 as a government incentive, to reward UK Limited Companies by providing reductions or rebates of Corporation Tax for eligible r and d activities.

Both profit and loss-making R and D projects are eligible for the incentive, so get in touch with us today to not miss out on potential thousands of pounds that can be re-invested into your business!

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Process Of Claiming R And D Tax Credits

Step 1: Discovery Meeting

This meeting can be conducted in-person or over the phone. During this meeting, we will talk you through the incentive and establish whether the work your company has carried out qualifies under the R and D Tax incentive. We will also outline our work processes and what you should expect.

Happy consultant on the phone looking at his laptop discussing a R&D Tax Credits claim
Technical report writing for R&D Tax Credits, man explaining R&D process to analyst

Step 2: Technical Meeting and Report Drafting

We visit your site and interview key personnel to get a full understanding of your businesses operations and gather the technical details of the development work undertaken in the period(s). We will also go through the financial aspect of the claim with your company’s finance function to get up-to-date financial data for analysis.

Step 3: R And D Benefit Analysis

We analyse all eligible costs and calculate the maximum benefit available based on accurate and up to date data. From here we can explain how much you can expect and in what form you can expect the benefit based on your company’s tax position.

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Hands pointing at graphs discussing potential R&D Tax Credits claim

Step 4: Review & Submission

Following an internal review of the compiled claim, we aim to submit the completed documents to HMRC within 2 weeks of receiving all the required information. HMRC aim to process payable credit claims within 28 days and pay out the benefit. In the event that HMRC require additional information relating the claim before the processing can be completed, we will oversee the process and work with you to answer any additional questions. We also work with Ex-HMRC consultants and IP Lawyers to streamline this process and minimise the impact on your business.

Step 5: HMRC Process your R And D Tax Credit

HMRC will process a reduction in liability instantly (once submitted). Payable credits are issued typically within 4 weeks either by cheque or bank transfer.

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Research and development tax credits is an incentive where UK Limited companies can receive a reduction or rebate on their corporation tax for monies spent on eligible R&D activities.

The research and development (R&D) tax credits incentive was established by the Government in 2000, supporting businesses of all different sizes to grow and helping the UK economy to grow through innovation.

First you need to ensure you qualify for the incentive. Then you need to produce the technical reports, evidence and calculations to support your claim. This can be quite intensive and if you make any mistakes you may run the risk of HMRC asking for additional information.

Alternatively, you can contact a specialist tax advisory firm such as ourselves who not only produce all of the above, will walk you through the process and safe guard you and your company to make sure you stay compliant.

HMRC aims to deal with 95% of payable tax credit claims

within 28 days of receiving the claim. There are certain times of year or situations that increase this time such as popular years like March & December or when HMRC is under increased workload pressure such as furlough etc.

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Start your claim with Counting King today!

Don’t hesitate on starting your claim, you could be entitled to money you didn’t realise you could have. With Counting Kings simple process you don’t need to worry about your time invested in the claim.

We have you covered!

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