Research & Development Tax Relief

The R&D tax credit scheme is an HMRC incentive created to inspire and reward limited companies for their innovation and development of their industry. This applies to Hospitality companies too!

R&D Tax Credits

R&D Tax Credits can be a vital source of extra income and if your claim is successful, processed and paid in up to 8 weeks.

Many small businesses in the United Kingdom, generally, are unaware that they are eligible for this funding, which can be claimed against spending on research and development in a wide range of areas. R&D tax credits aren’t just for very high-tech enterprises conducting advanced research. Please do not hesitate to contact us right away for a 15 min discovery call to see we can help you with your R&D Claim.

What costs are eligible for the R&D tax credit? 

  • Direct staff costs – this is the cost of paying your employees who have worked directly on the R&D project and include costs such as; gross salaries (including wages, overtime and cash bonuses), employer NI contributions, employer pension contributions and certain reimbursed business expenses.
  • Subcontractor and Freelancer or Agency Staff costs – this usually means that a portion of your R&D project has been outsourced to another company for an agreed amount, or if you have externally provided agency staff or freelancers. SME Companies can claim up to 65% of their subcontracted R&D costs.

A successful claim can mean your business receives, either a cash payment or a reduction in Corporation Tax. Please consider activities focussed around process improvements, innovation and business progress

R&D Process

1
Discovery meeting to discuss your business operations to see if you would qualify for R&D tax credits
2
Review of your accounts, which can include up to two years prior. We determine what can be claimed and produce a detailed report
3
Once you have approved the technical report, we will submit it to HMRC
4
It normally takes up to 8 weeks for you to receive your claim amount provided the claim is successful

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