Why are businesses failing to claim R&D Tax Relief?
Start your tax relief claim now – Call 01606 369000
It is estimated that over 150,000 UK businesses are missing out on claiming R&D tax relief each year and losing out on thousands of pounds. The average claim for SME’s in the North West was £40,000 and over £300,000 for large businesses. So why are 9 in 10 businesses, who are eligible to claim, failing to do so!
Unaware of the R&D Scheme
One of the most common reasons for businesses failing to claim is that they are simply unaware of the scheme. At The R&D Co we aim to educated and offer advice about the R&D Tax credit so that businesses can claim the tax savings they are entitled to.
Believe it is too complicated to make a claim
The first step in making an R&D claim is to identify which tax scheme applies to you. The government has developed two schemes available to SME’s and larger companies, allowing both to claim. It is important to keep records of the work you have undertaken that can be submitted for your claim and focus on Innovation rather than commercial accomplishments. The R&D Co can help to simplify the process for you and assist with submitting a claim.
Unaware that they are undertaking R&D Activities
If your company is undertaking innovative project work to achieve a competitive edge then it could be eligible to claim R&D tax relief. One of the biggest misconceptions is that only scientific, mechanical and engineering companies can take part in the scheme, which is simply not the case.
Most recently the R&D Co has helped a solicitors, business coach and software publishing companies claim R&D relief. Common projects that are eligible include:
- New Products, New Processes (internal or external), New Services
- Enhanced products, processes, services with improved features, durability, reliability, efficiency, capability, resilience etc.
- Bespoke software programs to integrate multiple systems and improve existing systems
Missing the 2 year deadline
Businesses have 2 years to make an R&D Tax claim from the moment a project has been completed, however, it is always worth reviewing each project.
Be part of the 1 in 10 businesses who are claiming and contact the R&D Co to find out if you are eligible. Call 01606 369000 today!