The Coronavirus outbreak has caused a lot of uncertainty and potential cashflow problems. Many businesses are struggling to survive this crisis, especially in the short-term having to fund furloughed employees. Even though the Government’s grants and loans should prove to be a huge lifeline, they are not a quick route to cash.
For those that qualify (about 15% of limited companies according to one recent research programme), Research and Development (R&D) tax credits can help your business survive Coronavirus by rewarding innovation and by boosting your cashflow with thousands of pounds in tax relief.
This is free money that you can claim if you have created or improved a new process, product or service in the last two years, and you could receive it a lot quicker than any other grants or loans announced by the Government.
Don’t be like other business owners who often overlook opportunities for an R&D claim by overestimating the level of innovation required or think it’s only for technology or manufacturing businesses – which isn’t true at all! Any business in any industry can be eligible for R&D, but you must:
- Be a Limited Company in the UK that is subject to Corporation Tax
- Have carried out a qualifying research and development project in the last 2 years, i.e. worked to improve or create a product, service or process
- Have actually spent money on the project
The project doesn’t even need to have been successful, and you can still claim if your business is in a loss-making position! You only have a two-year window to make a claim, so you need to act now.
What is R&D, what projects qualify & how we can help
In this downtime, it’s more important than ever to talk to us about making an R&D claim. We can book you in for a free (virtual) discovery session with one of our R&D specialists, where we can assess the likelihood of making a successful claim and you can see just how easy it is to reward your innovation.
Don’t miss out – book your free discovery session today by emailing email@example.com or completing the form on the link below.
P.S. R&D tax credits can generate 24.7% for every £1 of qualifying spend. For loss making companies this becomes a cash injection of 14.5%. So, you really don’t want to miss out on this right now.
Want to find out more?
Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below.