How to claim and benefit from R&D Tax Credits
For many businesses, cash is king, which makes cash flow a vital part of your day to day activities. Does your business invest in innovative products, processes or services? If so, you could be eligible for R&D Tax Credits, paid to you in either a cash payment or to reduce an upcoming corporation tax bill and boost that vital cash flow.
Want to find out more about how you could claim R&D Tax Credits and how these tax credits are there to help you boost your business? Read on to learn all you need to know about R&D Tax Credits.
What are R&D Tax Credits?
Research and Development Tax Credits are an incentive from the Government that are designed to reward UK-based companies for their work in bringing innovative products, processes and services to the market.
R&D Tax Credits have been introduced with a view to helping your company’s cash flow, with many being able to claim their tax credits in either cash, or by way of an allowance to offset against their upcoming (or outstanding) corporation tax bill.
The big bonus here is that by having this cash to reinvest in your business, you can use this to accelerate your research and development even more. Or perhaps you could reinvest this into staff. The options are endless!
How do R&D Tax Credits work?
If your company invests a lot of money into its products, processes or services you could be eligible for R&D Tax Credits. Other companies could claim if they invest heavily into innovating existing products to create new and exciting solutions for the market.
So, if you invest in your business to further your product or service offering, you could claim for R&D Tax Credits to receive a cash payment or a reduction in your corporation tax bill.
To find out more, use an R&D eligibility checker to find out if you and your business are eligible for R&D Tax Credits.
Why should you claim R&D Tax Credits?
Every R&D Tax Credit claim unlocks equity out of your business from the last two-years, which opens up your cash flow to new opportunities for continued investment and growth.
Plus, with most typical SMEs being able to claim up to 33% of their qualifying expenditure in the form of corporation tax credit, there really isn’t a better time to check if you are eligible.
Claiming R&D Tax Credits can be a little daunting if you’ve never attempted to claim anything like this before. It can be quite time consuming. Surely your valuable time is best placed investing in your business to launch new and innovative products or services?
This is why it makes sense to work with an R&D Tax Credits firm who knows how to make a claim and will work to secure you as much in R&D Tax Credits as possible.
One such company is Recoup Capital, who are one of the fastest-growing research and development tax specialists in the UK. They work hard to secure hundreds of claims every single year.
Are you eligible for Research & Development Tax Credits?
More companies than you would expect are eligible for R&D Tax Credits! So long as you meet the eligibility criteria, you are able to apply. If you answer yes to any of the following questions, it might be worth making an inquiry to find out more.
- Do you design or make products?
- Do you suggest or provide more cost-effective processes for other businesses?
- Do you suggest and provide more time-efficient processes for other businesses?
- Do you spend time researching and developing projects?
- Do you work to improve your processes, services, materials or devices?
- Do you make prototypes or perform product testing?
- Do you develop software or IT solutions?
- Have you invested in failed projects, or even developed projects that never launched?
- Have you created a new way to improve a process?
- Do you employ any staff with technical or scientific expertise?
If you answered yes to any of these questions, what are you waiting for? Use an R&D eligibility checker to see if you can claim R&D Tax Credits today.
How to use R&D Tax Credits to grow your business
R&D Tax Credits are a great way to inject cash into your business, offering six key benefits to any business that claims their R&D Tax Credits, either against their corporation tax bill or as a cash rebate.
These include:
- A way to create additional cash flow for your business with a cash rebate of up to 33%.
- Investing in new research and development opens up new channels and opportunities for investors to support your business.
- A great way to reduce your outstanding, or upcoming, corporation tax bills.
- R&D Tax Credits provide the necessary money needed to invest in innovative new products, services and processes.
- By investing in innovative new products, services and processes with your R&D Tax Credit funds, you will give your business a competitive edge in the marketplace.
- Or you could use these funds to invest in hiring new, highly skilled staff to join your team!
Give your business a welcome boost with R&D Tax Credits
Speak to a professional R&D Tax Credit consultant to find out more about how you can claim R&D Tax Credits to give your business a well-deserved cashflow boost.
With a broad eligibility criteria, it’s easy to see why so many businesses are making applications for their R&D Tax Credit allowance. Plus, these funds are a fantastic way to boost your business by investing in new people, processes or equipment.
So, what are you waiting for? Speak to an R&D Tax Credits consultant, like Recoup Capital, now!