R&D tax credits

What are R&D tax credits?

R&D tax credits are a valuable government tax incentive created to reward companies who try to achieve something technically challenging. Their goal is to reward past and encourage future R&D spending, benefiting industry and the UK economy. R&D tax credits can reward profitable companies with a generous corporation tax deduction or provide loss making companies with a sizeable cash repayment.

They are available to any company in any sector.

Are you eligible for R&D tax credits?

More companies qualify for the relief than you may first think. You do not need to be in bright white lab coats undertaking cutting edge research to make a claim. This is the biggest misconception surrounding R&D tax credits.

You simply need to demonstrate that your company has taken a risk by showing that you were faced with challenges that required additional efforts to overcome.

You can make a claim if your company has tried to achieve any of the following:

• Create – Creating new products, processes, software, services or devices.
• Improve – Making appreciable improvements to existing products, processes, software, services or devices.
• Duplicate – Duplicate an existing product, process, software, service or device. For example, trying to reproduce a competitors’ breakthrough.

The project doesn’t even need to be successful. If you could not find a solution to these challenges and the project failed you can still make a claim.

What could you claim?

The expenses your company incurs in trying to overcome these scientific or technical challenges can form the basis of an R&D tax credit claim.

The following cost categories may be included:

• Expenditure on staff including gross salaries, employers NIC and employers pension contributions.
• Expenditure on agency workers.
• Expenditure on subcontracted R&D activities.
• Expenditure on consumables and materials (including heat, light, power and water).
• Expenditure on software.

How do claims work?

The claim process with LimestoneGrey is really straightforward and they’ll support you through every step.

1. Introduction – if you would like to schedule a free consultation, please complete the short form on this webpage. A LimestoneGrey specialist will contact you for a chat about your claim and you’ll be able to discuss your qualifying criteria and the processes involved.
2. The gathering of information – LimestoneGrey are committed to producing strong R&D tax credit claims. They’ll work closely with you to present the best possible case to HMRC.
3. R&D Reporting – A thorough and technical report will be produced by a LimestoneGrey specialist and it’ll meet HMRC’s criteria.
4. Submission – LimestoneGrey will contact HMRC directly and will submit the final R&D tax credits claim on your behalf. You’ll be kept up to date with the progress of your claim.

Schedule a free consultation

LimestoneGrey are offering every Churchill Knight & Associates Ltd clients a free consultation to discuss R&D tax credits – and to see if you’re eligible to claim.

Every claim is prepared risk free. This means that if you do not receive a benefit – you will not be charged anything. There is no minimum term contract, and you won’t face any upfront or hidden fees long the way.

Please complete the form on this page to schedule a free consultation, or contact your Churchill Knight & Associates Ltd Account Manager.

Content produced using text from the LimestoneGrey website. For more information, please visit: https://limestonegrey.com/.