Research and Development Tax Claims (R&D Tax Claims)
Over the last two years, Panoptic Ledger Solutions Ltd has partnered with the team at Pinnacle Savings, an expert R&D Tax Consultancy, to ensure that clients that qualify are taking advantage of this government incentive to reduce Corporation Tax.
Kevin is actively involved in compiling claims as part of a cashflow solution and has a full understanding of the guidelines and complexities of the scheme, allowing companies to make a claim with confidence and without fear of HMRC investigation in the future.
For most companies, it’s recognising what activities qualify for R&D across process, product, service developments or new working methods, which are often misunderstood or overlooked by less experienced R&D service providers. It’s about identifying additional qualifying activity and sub-projects through a detailed understanding of the scheme and knowing how to present the R&D claim in the right way to HMRC. In fact, most claims revolve around problem-solving on existing products, processes and systems, not actually inventing new ones.
R&D SME Scheme Overview (< 500 Employees/€100M turnover)
R&D Tax awards are designed to reward and encourage innovation, process or production improvements and provide Tax Relief against Corporation Tax or a cash injection and cover all allowable R&D activities and expenditure, and not just the successful projects won.
To optimise R&D tax relief, we help identify additional activities and sub-projects while our comprehensive Technical Report enables clients to demonstrate to HMRC how projects:
- Have sought an advancement in science and technology
- Have had to overcome technical uncertainty
- Could not be easily resolved by a professional in their field
What Expenditure Qualifies? (A proportion of)
- Staff costs
- Materials or consumables directly connected with R&D processes or prototypes
- External sub-contractor costs connected to R&D
- Specially developed or adapted software
- Utility costs
Total qualifying expenditure costs can be enhanced by up to 130%. Circa £2,600-£3,300 can be claimed back for every £10,000 of qualifying spend, depending on the company’s tax position.
Does your company Qualify?
If you can answer “yes” to any of these questions and you have at least one year of full audited accounts produced, then you should be talking to us:
- Have you created, developed or introduced new or improved products, processes, system or services to achieve efficiency improvements, increased outputs, reduce wastage or to comply with new legislation?
- Have you applied innovation, created bespoke or new products, systems or processes for your clients?
- Have you modified existing products or services to provide tangible benefits i.e. enhanced durability or improved safety?
- Do you regularly face technical challenges and uncertainties?
- Do you routinely seek new and improved ways of doing things?
- Do you frequently test, measure, recalibrate and rework solutions to get it right, or do site visits to investigate problems and installation work?
- Have you undertaken new projects involving any of the above and not won the work?
If your firm would like to investigate how to offer a tailored R&D Tax Claims service to your clients, with complete professionalism and peace of mind, then please contact Kevin on 07508 502628 to discuss how we can support you.