What are R&D Tax Credits?
The R&D tax credit scheme is a HMRC incentive designed to encourage innovation and increased spending on R&D activities by companies operating in the UK. The Government has expressed its desire to make the UK the most attractive place to start and invest in innovative companies and as a result the incentives for companies to innovate have continued to improve.
The Government’s R&D tax relief is one of the biggest funding sources for innovative UK companies, however recent studies show that R&D relief is under-claimed by 85.5% of the eligible companies.
R&D tax credits enable companies that incur costs in developing new products, processes or services to receive a cash payment or tax deduction. The average annual claim for an SME claimant, across the UK, is over £46,000. R&D tax credits can be an incredibly valuable source of funding for many businesses, with up to 33.35% of a company’s R&D spend being available as a cash repayment from HM Revenue & Customs (HMRC).
Any sectors qualifies!
At Inventya we have worked with most types of businesses: Biotech, Pharma & Medical, Engineering, Energy, Financial Services, Food & Drink, Software and Electronics. We have undertaken numerous claims across a wide range of sectors and have obtained a thorough understanding of the operations of varying businesses. After the initial discussion we are able to tailor the most efficient and least disruptive method to both formulate and submit the claim.
At Inventya we work solely with technology businesses, helping them to develop and commercialise their products. All of our consultants all have a technical background. In addition our financial consultants are qualified ACCA professionals and have vast cross-sector experience in formulating and submitting successful claims for R&D tax relief. We understand what HMRC are looking for to enable your claim to meet the requirements of the legislation and do not waste your or our time submitting claims which may jeopardise your company’s relationship with HMRC.
We work on a contingent fee structure, meaning no fee is payable until your company receives the benefit of the claim from HMRC. This provides you with the reassurance that we only undertake to submit claims we consider will be successful.
To date our consultants have obtained 100% success. We have assisted several detailed R&D tax enquiries and investigations from HMRC. However, none of these claims have been rejected which has further enhanced our relationship with HMRC.