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We still can’t get our heads around why companies don’t claim for their R&D! With only 12% of SME R&D Tax Credit claims claiming for R&D incentive in the centre, there is no reason to not claim for the R&D Tax Relief.
We know that there are a lot of nuances regarding this incentive but that’s why specialists like ourselves are on the market. R&D is everywhere without you even necessarily realising this. We can conduct a casual meeting with yourself to understand your business, how you operate and what costs you’ve incurred that could qualify.
Use our free calculator today and you could have a significant benefit amount within 28 days!
Wholesale, Retail Trade and Repair is thriving with R&D, have a look below for just a few examples which are eligible
Developing such things like a bespoke ecommerce platform which enhances workflow and traffic.
Solving issues such as how to slow down out of date processes which result in less waste and happy customers.
Updating machinery which is no longer performing at the optimal level. However, this advancement needs to be something that has not been developed previously.
Producing new items such as new trucks which have the space for more pellets or designing much more substantial packaging which allows more storage.
Here are just a few of many companies that have been innovative in the sector
Costs that you cannot claim for in the Wholesale, Retail Trade and Repair companies
If you have come up with a way to improve a process due to compliance issues or regulations such as HSE, this won't qualify under the incentive as the project did not start with this intention. Your project must be designed for the innovation to be at the forefront.
If your new product is developed by copying your competitors' in order to catch up on market share, your project won't qualify as the innovation isn't there.
Always make sure that your product development contributes to the advancement of technology or science. Without an actual advancement, your expenditure won't qualify.
This seems like an obvious one but it's always worth reiterating; if your R&D has been state funded, then non of the development costs will qualify for the incentive as your company hasn't incurred any costs.
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, you can make a significant advancement to a piece of kit that has increased efficiency in your field.
In 2020, there were 6,120 claims processed by HMRC for the Wholesale, Retail Trade and Repairs, but on average you could receive £35,948 for your successful claim based on current statistics.
With Wholesale, Retail Trade and Repairs being one of the most used in the R&D incentive there is no reason to not get into contact today for your R&D claim!
Where do we start? You can claim for:
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;
Find out how simple it is to claim your R&D Tax Credits
Depending on your company size, you may qualify under the RDEC scheme (Research and Development Expenditure Credit) or under SME incentive (Small Medium Enterprises).
Find out more about your eligibility 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!