Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation. They are a valuable source of cash for businesses to invest in accelerating their R&D and help growth.
How do R&D Tax Credits Work?
Companies that spend money developing new products, processes or services; or enhancing existing ones, are eligible for R&D tax relief. If you’re spending money on your innovation, you can make an R&D tax credit claim to receive either a cash payment and/or a Corporation Tax Reduction. The scope for identifying R&D is huge. And if you’re making a claim for the first time, you can typically claim R&D tax relief for your last two completed accounting periods.
We at Anita Benge Accountancy Services have a 100% success rate on claims being processed through us. We work on 2 fee structures, for claim values under £7500 we charge a fixed fee of £395 per 12 month period. Claims Over £7500 will we charge a fee of 5% of the claim value. In both cases, £395 is payable as an upfront fee with the remainder due upon receipt of your credit.
We are very much happy to work with other accountants whose clients may have a need for this service and do not necessarily provide the service themselves.
HMRC’s current payout time is 4 weeks from submission.