R&D Tax Credits: Is my Company Eligible?
Business Solutions (Midlands) Ltd are an independent consultancy, made of engineers, scientists and business analysts with over 60 years of experience working for SMEs, regional funding agencies and universities. The focus of Business Solutions (Midlands) is ensuring that clients maximise the business tax relief available to them in the form of research and development tax credit claims.
In a presentation on the 11th of October, Mark Paul, Director of Business Solutions (Midlands) and Network4Business members told us how businesses can make the most of R&D Tax Relief.
Is my company eligible for R&D Tax Credits?
Could your business benefit from a reduced tax bill? If you are not already claiming Research and Development (R&D) Tax relief, perhaps it’s time to seriously consider it.
Many business owners are either unaware of the potential benefits of Research and Development Tax Credits, think they are difficult to claim, underestimate the potential benefits or simply don’t think their business does any research and development.
There are significant sums of money to be reclaimed by companies of all sizes, not just the large multi-national corporations, but small to medium sized (SMEs) organisations as well. So if you think you are not spending any money or resource on Research and Development activities, please think again, as you most probably are.
Can you answer any of the following qualifying questions?
1. Is your company involved in the development of new products and/ or processes?
2. Does your company get involved in innovative and bespoke product or process
development on behalf of your clients?
3. Are you able to highlight the key areas of your development work which requires
significant input from your workforce?
4. Do you continually look to improve your product or process to meet customer
In addition, has your organisation done any of this within the last two years?
- Software development
- Bespoke project work for clients
- Prototype research and development
- Process Innovation
- Product Innovation
- Manufacturing Innovation
- Changes in tooling protocols
- Improved environmental benefits as a result of a new product or process
If you believe that your company has done some, or is doing some of the above, you could be eligible to claim significant sums through the R&D Tax Credits initiative. Visit www.bsmidlands.co.uk for more information, or email firstname.lastname@example.org.