NEWS

R and D Tax Specialists encourages companies to claim R&D Tax Credits in light of continuing Brexit uncertainty

31 January 2019

In light of continuing Brexit uncertainty, and resulting economic uncertainty, R and D Tax Specialists is encouraging companies that are not presently claiming R&D Tax Credits to bolster their businesses by securing the benefits of this key tax relief.

Companies that are developing new, or improving existing products or business systems, or production processes, that are tackling “technological uncertainty”, are likely to qualify for an R&D Tax Credit which can result in a valuable cash refund of tens of thousands of pounds for initial claims.

Garry Hague, Director at R and D Tax Specialists, said: “With Brexit uncertainty likely to continue for a very considerable time, it is imperative that companies take steps to secure all of the business support available to them. An R&D Tax Credit can result in a large cash injection for businesses which can be used to improve resilience by strengthening a company’s balance sheet, and to improve competiveness in uncertain markets.”

“We can quickly ascertain if a company is likely to qualify for an R&D Tax Credit, and advise exactly what needs to be done to make a claim. The process from start to finish need only take a few weeks before the company receives the benefit. We are happy to provide a no obligation assessment on the likely success of a claim. We are happy to take initial enquiries by telephone or email. Tel: 0207 470 8709 / info@randdtaxspecialists.co.uk.

HMRC publishes R&D Tax Credits statistics for 2018

31 December 2018

The latest HMRC R&D Tax Credit statistics have reasserted the value of these vital tax reliefs to companies involved in technical development work.

The latest statistics demonstrate some new trends and, positively, they underline that there is a growing awareness and uptake of the R&D Tax Credit scheme with the number of claims submitted to HMRC in the last year having more than doubled.   At the same time, the average claim value continues to rise.

The key statistics:

  • For SMEs, the average claim value for 2016-17 is £53,876
  • The number of SMEs making a claim has more than doubled since 2013-14
  • 75% of SMEs are making a claim worth less than £50,000
  • The average RDEC claim for 2016-17 is worth £272,881
  • 5,900 RDEC claims were submitted in 2016-17, representing a 185% increase since the RDEC schemes introduction
  • This is supported by the fact that there are now more SMEs claiming via RDEC than there are Large companies

Note: These are provisional HMRC figures.