Research & Development
Research and Development (R&D) is fundamental to the success of many businesses. The UK government provides generous tax reliefs and repayable tax credits for R&D where a business undertakes a project seeking advancement in overall knowledge, or enhanced capability in a field of science or technology. It is now possible to obtain tax relief at up to 230% of qualifying spend (under the SME scheme) and in the right circumstances achieving a cash return in excess of 30% for every £1 of R&D expenditure. There is also a scheme available for those companies not classified as an “SME” which potentially provides a (taxable) repayable credit of 11%.
Rawlinson & Hunter can assist in identifying whether a project will qualify for R&D relief, and can prepare a detailed R&D tax report for submission to HMRC in order to claim the relief. We will assign a member of our team to liaise directly with HMRC on the R&D claim, and they will work to resolve any queries as they arise, and seek to secure the success of the R&D claim.
Our R&D tax services include:
- Reviewing the R&D projects undertaken by a business;
- Advising on the feasibility and likelihood of success of an R&D claim under either the “SME” or “large” schemes;
- Analysing the expenditure incurred on R&D projects to determine what will qualify for enhanced tax relief;
- Meeting with your R&D managers to assess the scientific or technological nature of your R&D projects, by utilising our specialist team members with a scientific background;
- Preparing a detailed report on the qualifying R&D projects and R&D expenditure for submission to HMRC in order to claim the tax relief;
- Completing company tax returns to incorporate the claim for R&D tax relief;
- Corresponding and negotiating with HMRC regarding the R&D claim;
- Assisting with earlier years’ R&D claims, within two years of the end of the relevant accounting period;
- Advising on the record-keeping requirements for R&D tax relief purposes; and
- Assisting with structuring the business’s bookkeeping processes to enable efficient extraction of information on relevant R&D expenditure.