Wholesale, Retail Trade and Repairs

R&D Tax Credit Examples, Hints & Tips To Maximise Value
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Wholesale, Retail and Trade Repairs

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.

4 Project Examples

Below are project examples that would qualify for R&D tax credits in Wholesale, Retail and Trade Repairs

Counting King Manufacturing Sector Specific R&D

Developing

Developing such things like a bespoke ecommerce platform which enhances workflow and traffic.

Solving

Solving issues such as how to slow down out of date processes which result in less waste and happy customers.

Counting King Business technologies today

Updating

Updating machinery which is no longer performing at the optimal level. However, this advancement needs to be something that has not been developed previously.

Counting King R&D Budget Increase

Producing

Producing new items such as new trucks which have the space for more pellets or designing much more substantial packaging which allows more storage.

Costs Which Don't Qualify

Sometimes the parts you may think qualify, don’t. Here are some examples of what doesn’t qualify in Wholesale, Retail and Trade Repairs

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Market Share

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.

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Prototypes

If your company has developed a prototype but you aim to sell it on to a client, you will no longer be eligible to claim R&D expenditure for that prototype.

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Regulations

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.

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Purchasing Land

Purchasing land is another cost which will not qualify for the incentive. So for example, if you purchased land to develop the idea the land will not be allowed to be claim for.

How much could you receive in

Wholesale, Retail and Trade Repairs

Use our free calculator today and you could have a significant benefit amount within 28 days!

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Download our R&D Tax Relief Information

Find out how simple it is to claim R&D Tax Credits in Wholesale, Retail and Trade Repairs

Start Your Claim With Counting King Today!

Don’t hesitate on starting your claim. The government would like to say well done for your innovate hard work so check if you could be entitled to the money they are offering to support your business. With the Counting King simple process, we will go through if you are eligible and if you are we will go through the process and work out the amount you can claim.  It is a process we are experts in and will take the lead on producing for you.

We have you covered!

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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, 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:

  • New or improving platforms
  • Innovating new e-commerce 
  • A portion of your utility bill
  • Subcontractors (up to 65%)
  • Improving security

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;

  • Coming into an issue when attempting to enhance a bespoke e commerce and it didn’t go to plan
  • Managing environmental factors, decreasing your carbon footprint during your manufacturing process 
  • Adaptations and amendments in current products and/or services that didn’t go as anticipated and still needs to be amended

Find more about R&D in your sector!

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.

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