With generous tax reliefs available to businesses involved in research and development, it is somewhat surprising that they remain so underutilised by many other companies across the UK.
Our experienced team in Bury St Edmunds/ Thetford have years of experience assisting businesses with their R&D tax credit claims and are striving to help others benefit from this tax relief.
Need help? Contact UsA company will usually be eligible for R&D tax credits if it has:
Developed new products, processes or services
OR
Appreciably improved an existing product, process or service.
OR
Made a technological or scientific advance or development that advances as a whole the industry you operate.
Claiming R&D tax credits against these developments provides either a reduction to Corporation Tax or a payable tax cash credit if your company is loss-making.
Therefore, to benefit from R&D tax credits, businesses in Bury St Edmunds/ Thetford must:
Depending on whether you are a small to medium-sized enterprise (SME) or a large company, the scheme that you apply for can differ.
The scheme classifies a business as an SME if it has fewer than 500 staff and either not more than €100 million turnover or €86 million gross assets.
Any business in Bury St Edmunds/ Thetford with more than 500 members of staff and either more than €100 million turnover or €86 million gross assets is classed as a large business.
SMEs must apply for the SME R&D tax credit scheme, while large companies can apply for Research and Development Expenditure Credit (RDEC) – although where an SME works alongside a large company on R&D, they may be able to claim Research and Development Expenditure Credit or even both schemes.
There is a perception or myth that R&D tax credits are only available to those working in high-tech sectors.
However, the reality is that this tax relief is open to businesses of all sizes in Bury St Edmunds, Ipswich and Thetford in almost every sector.
HMRC has received successful claims across a variety of sectors including:
Within the scheme’s accepted research and development definition, R&D doesn’t even have to have been successful to qualify and you can also include work undertaken for a client.
Our team at Knights Lowe have an exceptional record for helping firms of all sizes and sector make successful R&D tax credit claims for businesses in Bury St Edmunds, Ipswich and Thetford and beyond.
By seeking out professional advice and support you can remove the stress of making a claim and significantly improve your chances of success.
To find out how we can help, please contact us