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R&D Tax Credits are a Government incentive designed to compensate UK companies for investing in R&D to improve the way they do business and overcome problems.

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Questions

We’ve pulled together some basics to help you get started

How long does it take HMRC to review a R&D Tax Credit/Refund claim?
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HMRC aims to process Research and Development (R&D) Tax Credit/Refund claims for SMEs within 28 days. However, the length of time it takes for HMRC to review an R&D Tax Credit/Refund claim will depend on the complexity of your structure and accounts, as well as the nature of the claim itself. It may also depend on what time of year your claim is submitted

Do employee expenses such as travel and subsistence costs qualify for R&D?
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Some types of reimbursed expenses can be included in Research and Development (R&D) Tax Credit/Refund claims. A company may reimburse expenses incurred initially by an employee, and such reimbursement may constitute qualifying staffing costs.

What happens if I have no records of my R&D?
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Record-keeping is an important part of a Research and Development (R&D) Tax Credits/Refunds claim. HMRC expect to see some form of records. Good records often serve to maximise a claim’s value. If you have no specific records for your R&D Tax Credit/Refund claim, all is not lost. Call us, we can help.

Do R&D Tax Credits/Refunds apply to a sole trader?
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Research and Development (R&D) Tax Credits/Refunds can only be claimed by companies that are liable to pay UK Corporation Tax. Sole traders do not pay UK Corporation Tax and, as a result, they cannot claim R&D Tax Credits/Refunds.

Is there a free consultation available?
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We offer a no obligation 15-minute telephone conversation, so we can highlight areas of qualifying activity and the potential value of your claim.

How do I know if I’m carrying out R&D?
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If you are creating a new- or improved product, process or service, your business might be carrying out Research and Development (R&D). You will probably be attempting to solve a problem where no solution is evident. This can take many forms and R&D projects can include work undertaken for a client as well as your own business activities.

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