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What is the R&D Tax Incentive?

Find out more about this incentive here

R&D Tax Incentive - What Is It?

The R&D Tax Incentive was introduced by the government in 2000 to encourage innovative companies to increase their investment into R&D and grow the innovation of UK companies.

The R&D Tax Incentive offers reductions or rebates of corporation tax for any eligible R&D activity, regardless if you are a profit or a loss-making company. Do not miss out on the potential thousands of pounds that you could be re-investing into your business, use our calculator to calculate your potential claim today!

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How Do I Apply For The R&D Tax Incentive?

  • Make sure you qualify first
  • Produce a technical report
  • Provide evidence and calculations to support your claim
  • OR contact tax specialists like ourselves who will take care of everything mentioned above
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What Costs Qualify For The R&D Tax Incentive?

  • Salaries and wages
  • Employer’s NI Contributions
  • Employer’s Pension Contributions
  • Materials and wastage consumed during the project
  • Prototypes created
  • Subcontractors’ invoices
  • Software licenses
Play Video

R&D Tax Incentive Explained

In this video we give you a quick overview of what the R&D Tax Incentive is and what activity your company needs to be undertaking to qualify

Why Choose Us

How Do I Work With Counting King?

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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.

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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.

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Benefit analysis

We will conduct our research and development benefit analysis, where we assess all eligible costs and calculate your maximum benefit.

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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.

FAQ

Frequently asked questions.

  1. The R&D Tax Incentive, to put simply, boosts your eligible project costs which reduces the amount of Corporation Tax that you need to pay by reducing company’s profits that are declared.

    • For profit-making companies: The value for R&D Tax Incentive will be in the tax saving you make.
    • For loss-making companies: The R&D Tax Incentive offers payable credit that is accessible through surrendering your losses @14.5%, which offers up to 33% return on you R&D investment.
  1. Accommodation and Food
  2. Admin and Support Services
  3. Agriculture, Forestry and Fishing
  4. Arts, Entertainment & Recreation
  5. Construction
  6. Education
  7. Electronics
  8. Electricity, Gas, Steam and Air Conditioning
  9. Energy Services
  10. Engineering
  11. Financial Services
  12. Food and Drink Manufacture
  13. Health and Social Care
  14. Information & Communication
  15. Insurance
  16. M&E Services
  17. Manufacturing
  18. Mining and Quarrying
  19. Pharmaceutical
  20. Professional, Scientific &Technical
  21. Public Admin, Defence and Social Services
  22. Real Estate
  23. Software and Technology
  24. Transport and Logistics
  25. Water, Sewerage and Waste
  26.  

R&D Tax Credits stands for Research and Development. It is a government incentive that was introduced in 2000 by the government, to encourage companies to invest in Research and Development to stay competitive on the market. 

It allows companies to reduce their tax bill or claim payable cash credits that should be re-invested into Research and Development.

  1. By the HMRC definition, R&D activities that qualify must work towards the advancement of science or technology.
  2. This includes, but is not limited to: utilising technology, improving existing products, software advancement/development, integrating existing components in brand new solutions.

This depends on multiple factors. 

If you are claiming under the SME incentive, then you are eligible to claim anywhere between 15% and 33% for your qualifying costs. This is determined by factors such as turnover and staff count.

If you are a large company, then you will qualify under the RDEC scheme, and you’ll be able to claim 13% of your qualifying expenditure. This benefit will be in the form of tax credits. 

In theory, HMRC will process your R&D claim within 28 working days. However, this can vary based on peak periods, workloads and resource availability. 

If you decide to use Counting King for your R&D claim, we will submit all documentation to HMRC within 2 weeks of receiving all relevant information from you. 

You can claim from the R&D Tax Incentive for up to 2 years after the accounting period has ended for the time it is associated with.

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Find out how simple it is to claim 

Counting king claim process outline
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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 King’s simple process you don’t need to worry about your time invested in the claim.

We have you covered!

Start your claim