Here at Breakthrough Associates, we provide companies with professional support for calculating and submitting research and development (R&D) tax credit claims. Set up in 2000, the R&D tax credit scheme is a government incentive designed to stimulate economic growth and investment in R&D, encouraging UK companies to invest in innovation through corporation tax relief or cash payments. While R&D has a specific statutory definition, companies within most sectors will undertake research which contributes to overall knowledge in science and technology. The scheme is not simply for ‘white coat’ scientific research; ‘brown coat’ development work which seeks to overcome a technological uncertainty qualifies too!
We are passionate about ensuring our clients maximise the recovery of their investment in science and technology innovation. Our team identifies all qualifying activities and their associated costs, presenting this in a detailed report in a format recognised by HMRC. The process is relatively straightforward and would only take your business owner or operational head around two hours of their time, and the finance team a similar commitment.
We start by taking the time to understand your business, explain what the scheme entails, and how your business may qualify. When we have received all of the details for the research and activities undertaken, alongside the costs eligible for inclusion in the qualifying expenditure, our team compile an extensive report which is diligently reviewed to ensure it satisfies HMRC’s requirements. Once finalised, the report is submitted to HMRC, by your accountants, with a copy of your business’s CT600 and CT600L. HMRC endeavour to settle claims approximately 28 days after submission. Through this process we hope to help businesses grow and develop, working with companies across diverse sectors to secure the tax credit they qualify for.
If your financial year-end is approaching, be sure to contact us in good time to give us the fullest understanding of your R&D activity. Do not worry if you are starting without detailed time sheets and records of expenditure; our team can help establish the best estimates that are acceptable to HMRC.