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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!
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.
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.
We will conduct our research and development benefit analysis, where we assess all eligible costs and calculate your maximum benefit.
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.
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.
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.
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.
Find out how simple it is to claim
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!