R&D Tax Credits are a generous government incentive aimed at rewarding innovation. Companies that qualify can get upto 33% back on their investment - so for every £100k spent on doing R&D your business could get back £33k in cash from HMRC. We had supported an established engineering business with their R&D claims having previously not filed any claims as a result of the business not realising the R&D activities undertaken to date - with our support the business was able to reclaim back c.£400k in cash back from HMRC.

The key driver for the group was to implement a methodology that would enable to capture information real-time and therefore bring future claims and their associated benefits forward. Our HMRC approved methodologies are fully transparent so our upskilling of the client’s project managers and finance teams gives our clients the option to take elements or whole R&D process in-house in subsequent periods, should they wish to.

  • We hosted a series of stakeholder meetings across the business to identify the key areas undertaking R&D

  • Worked closely with the finance and technical teams to understand the types of activities and costs associated that would qualify as R&D through series of questionnaires and share portal 

  • Following this we were able to prepare the R&D claim figures and report documentation ready to be submitted to HMRC

  • Given the low risk nature of this business we had upfront engagement with HMRC to ensure a smooth claim submission and quick turnaround in receiving the cash refund due.

The claimant company wanted to carefully manage their relationship with HMRC due to its attitude to low tax risk. Given the size of the claimant company, this engagement required a series of meetings to get stakeholder buy-in with only a few weeks before the statutory filing deadline. We undertook the claim process for two accounting periods in a single exercise across several of the group entities.

Through this approach and using cutting edge technology we were able to minimise the time investment of the group’s project managers and finance team and identified over £4m of qualifying R&D across generating a cash benefit of over £400k to the client.

Find out whether your business qualifies for R&D by answering these simple questions:

  • Your business is a limited company subject to UK Corporation Tax?
  • Your business has spent money on staff and/contractors on developing new products, processes or services, or improving existing ones in the past 2 financial years (including this year)?

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