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R&D Tax Credits Specialists In Software Development
Begin your R&D Tax Credits claim with Counting King and only pay your fee once HMRC has given you your benefit!
- No upfront fees
- 20% fee ONLY once you’ve been paid
- 12-month rolling contracts
- Dedicated analyst
- No more than 1 hour of your time
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Examples of qualifying R&D Tax Credits projects in Software:
Developing an enhanced version of a system that is already on the market.
Machine learning. You may have developed a new software that offers an advancement to the sector, with a purpose of improving efficiency, you could claim for it.
Developing completely new technical features, functions which are currently unavailable in terms of cyber security.
Designing and manufacturing a product to overcoming issues that are presented within a specific industry (gap in the market).
Developing completely new technical features, functions which are currently unavailable.
Development of unique products to deliver state-of-the-art facilities.
As per HMRC’s guidelines, a project does not have to be successfully completed for it to be classed as qualifying under the R&D Tax Incentive.
Failed projects, where the technical uncertainties could not be overcome and no workaround created, can still qualify under the incentive as long as the work carried out falls within the criteria.
How Does Counting King Handle My Claim?
The process is simple:
Discovery meeting
We will always conduct a discovery meeting to talk you through the incentive, explain our process, and establish whether your company carried out eligible research and development activity.
Site visit
During the second stage, we will visit your site and conduct informal interviews with key personnel to gain a deeper understand of the business for the technical report. We will also ask for your up-to-date financial data for our in-house analysis.
Benefit Analysis
We will conduct our research and development benefit analysis, where we assess all eligible costs and calculate your maximum benefit.
Submission
We will submit your claim to HMRC within 2 weeks of securing all completed documents. HMRC will process your payable credit claim and pay out the benefit within 28 days. In the case of HMRC requiring additional information, Counting King will oversee this process.
Why Choose Counting King?
Trusted by clients
Having a customer-centric approach allows us to understand our client’s needs and help them on their journey. We understand business growth trajectories and how difficult they can be without proper support.
Endorsed by Peers
We know we provide 1st class service but it is always nice to be appreciated and recognised for going above and beyond for our clients. We would love to show you this level of service and help your business.
Industry Regulated
We are Tax & Funding experts, making it vital that we provide compliant and accurate advice. As chartered tax advisors, we abide by a regulatory body to ensure we provide the best service.
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Quick Q&A
In short, yes. The best thing to do is to figure out how much R&D you are doing, you should then be able to assign a proportion of your light, heat, water and power that was used for your R&D and amend your claim accordingly.
One of the biggest portions of claims for the Research and Development tax incentive is circled around staff costs. Whether that might be people directly involved within the R&D or others who might be indirectly involved.
No, you do not need to create a new product to qualify for R&D Tax Credits. For example, if you made an advancement to software meaning that your processes are now more efficient and you can now perform a new function. As long as the amendments are bespoke and improve your whole sector, you can claim for costs incurred during your R&D process.
In 2020, there were 10,045 claims processed by HMRC for the Software and Technology sector, and on average you could receive £77,153 for your successful claim based on current statistics. The whole sector claimed £775m last year so you can really tell that it’s worth putting your claim through.
Where do we start? You can claim for:
- Development of new systems
- New, bespoke equipment development
- Innovating new packaging options
- A portion of your utilities bill
- Subcontractors (up to 65%)
- Reimbursed expenses
Yes! You are able to claim for unsuccessful projects as this falls under the ‘uncertainty’ you faced during the Research and Development you undertook.
Examples of uncertainty for R&D are;
- Attempting to fix an issue with machinery that does not meet your manufacturing requirements however being unable to resolve the issue
- Managing environmental factors, decreasing your carbon footprint during your manufacturing process
- If a recipe or cleaning product didn’t work as well as you anticipated and didn’t provide you with what you needed
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Trust the experts
Get in touch with us today to discuss your potential claim for FREE. We’ll
guide you through our process and let you know of additional grants and
funding opportunities you could tap into.
