R&D Tax Credit; Does the HMRC owe you money?
Do any of the following apply to you:
- Have you taken on a project of which required trial and experimentation?
- Solved a complex technical problem/problems?
- Are you trying to improve your products, processes or services
- Do you make prototypes?
If one or more of the above applies, you should attend this 1½ hour workshop to find out what qualifies and how much you could potentially receive.
It is estimated that fewer than 25% of eligible businesses are making full use of the various financial incentives that are available to them. The Growth Hub and Fiscale are working together to make sure that business owners are not only aware of these schemes but how they can access them.
The reason why this figure is so low is that businesses often don’t realise that there are these incentives in place for them and often rule themselves out because they don’t think that they would qualify. Are you one of them?
The latest report from HMRC show the average amount that companies received back, by a selection of industries, is as follows:
Industry - Average Amount
Agriculture - £44,776
Chemicals - £72,260
Construction - £50,279
Engineering - £71,648
Food & Drink - £23,809
Manufacturing - £46,970
Scientific & Technical - £72,260
Telecoms - £57,197
Transportation & Storage - £46,875
Sewage & Waste - £40,816
*HMRC Press Office October 2019
The above table shows the average amount received by businesses, based on expenditure incurred on:
- Developing products
- Modifying processes
- Improving services
- Adapting to customer/market requirements
- Time spent problem-solving and brainstorming new ideas
This workshop is especially relevant for businesses approaching their year-end, as you’re able to claim back the previous two accounting periods. So, therefore, do not miss out on a full years claim by not acting now.