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Research and Development

Using Innovation to Fuel Growth

Research and Development Tax Credits

As the need for more efficient, environmentally-friendly and intelligent technology, products and services increases, the UK is quickly becoming a thriving hub for innovative companies across a wide range of industries.

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Frequently Asked Questions

Is making an R&D claim complicated or time-consuming?

Research and Development Tax Credits should form part of your company's tax planning strategy, and while there may be a time commitment, the benefits massively outweigh this.

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Will making a claim trigger an HMRC investigation?

Making an R&D Tax Credit claim will not necessarily trigger an enquiry - HMRC regularly review company's tax affairs to help with compliance.

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Is there a deadline for making an R&D claim?

Companies can make an R&D claim providing it is still in scope.

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How does the SME R&D Tax Credit Scheme Work?

The SME Scheme is open to qualifying limited companies that invest in qualifying activities, and can be worth up to 33p for every £1 spent.

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What are Research and Development Tax Credits?

R&D Tax Credits are one of the most powerful tax planning tools available to UK companies, offering corporation tax relief or cash back.

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Why Invest in Research and Development?

The UK has always been a hub for innovation, but this comes with risks - investment, cost, time. To help stimulate R&D, the Research and Development Tax Credits scheme provides valuable tax relief to support companies.

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What are R&D Tax Credits?

Research and Development Tax Credits are part of the Creative Tax Reliefs Scheme, providing tax relief and cash back to qualifying companies.

The Research and Development Tax Credit Scheme:

  • Was introduced in 2000 to increase innovation and create wealth in theUK through R&D
  • Enabling companies that incur costs in developing new – or improving existing – products, processes or services to receive a cash payment and/or tax deduction
  • Works through the Corporation Tax System and has been continually improved since it was introduced
  • Currently allowing you to claim - Up to 24.7% of your expenditure as a tax refund or reduced tax liability for profitable SMEs and up to 33.35% of your expenditure as a cash repayment for loss-making SMEs

The scope for qualifying activities and costs is huge and our team are experts in identifying them.  Aspen Waite maximise the benefit to you with our specialist tax knowledge and added value approach.

Total Commitment.  Any client, Anywhere.  We are with you all the way.

Many companies – and many accountants – believe that R&D has to be highly technical in order to qualify for the tax relief.  This is not the case!

  • A huge range of activities qualify –even those that are not considered “technical”
  • Companies don’t realise that losses can be turned into cash
  • There are eligible companies in a wide range of industries
  • HMRC is actively promoting the scheme – they WANT companies to claim!
  • Qualifying R&D projects are defined as those “seeking to make an overall advance in an area of science or technology”
  • Such qualifying projects must seek to overcome a technical or scientific uncertainty

Numerous costs that go through the profit and loss accounts can be claimed, including:

  • Director and staff costs (gross salary, employers NI and pension contributions)
  • Subcontractors (limited to 65%)
  • Materials consumed during R&D activity
  • Full cost of prototypes, or marginal costs of first of class products
  • Share of utilities
  • Testing
  • Clinical Trial volunteers

We provide bespoke corporate finance services tailored to you. Cover a range of areas such as:

  • Prototyping and Design
  • Trials and Testing
  • Failed attempts
  • Drawings and blueprints
  • Production
  • Performance improvements
  • Product design
  • Software developments
  • Algorithm design
  • Data Management
  • App Development
  • New Processes
  • Making products lighter, cheaper or faster to produce
  • Building and testing prototypes
  • Increasing strength or durability
  • Designing, developing and testing new products
  • Adapting existing technology or materials for a new purpose
  • Working with new materials
  • Developing bespoke software and services
  • Adapting existing processes due to legislation, environmental or health and safety regulations
  • Reducing waste sent to landfill and other recycling initiatives

We provide bespoke corporate finance services tailored to you. Cover a range of areas such as:

  • Claim up to two previous years, potentially resulting in a substantial refund
  • R&D Tax Credits reduce the cost of future investment – you can be tax effective and make better decisions
  • Companies can claim every financial year going forwards, helping them to continue to grow

Call us today

We are opportunistic and entrepreneurial, always on the search for new talent, great ideas and ambitious companies.

Tell us about your business and we’ll discuss all possible opportunities, both through R&D Tax Credits, and any of our other ‘Complete Business Growth Services’

New industries.
New challenges.

Every industry and business
has their part to play.