The 3 Things You Need To Consider When Making An R&D Tax Credits Claim

As you probably know, anything to do with tax is usually a long-winded, stressful process that is made even less enjoyable by the mountains of paperwork you often need to fill out.

This said the last thing you want is to go through all the procedures only to find that your claim has been unsuccessful.

If you are thinking about going ahead with an R&D tax credits claim, be sure to read our tips on things to consider to ensure everything runs smoothly and you aren’t left disappointed.

Feeling overwhelmed and want to take some of the weight off your shoulders? Our online tool will do a lot of the work for you, making the claim process a lot less stressful.

Are you eligible for an R&D tax credits claim?

This is clearly the most important factor to consider when determining the success of an R&D credits claim. If your business does not meet what is required of it you won’t be successful when claiming back research and development costs from HMRC. Consider if your company is doing what it needs to do to support a claim of this kind e.g. developing a new product or service or adding to one that already exists.

Still struggling to get to grips with things? We have 3 questions we usually ask that will determine your eligibility. Contact us to see if you could make a claim.

How much is R&D tax credits worth?

Profitable SMEs can reduce the amount of corporation tax they pay on profits for the period, by the amount of the enhanced deduction. The current R&D tax credits rate results in a 24.7% benefit on R&D expenditure for profit-making SMEs.  Loss-making SMEs can receive a cash rebate from HMRC of up to 33.35% of eligible R&D spend by surrendering tax losses attributable to the eligible R&D expenditure. Our tax credit calculator will estimate how much you may receive from making an R&D tax claim.

What staff roles can be included in an R&D tax credit claim?

It is not uncommon for an R&D team to consist of many individuals from different parts of the business. Your R&D project team may include the R&D Manager, a Lead Developer, Engineers, Project Co-ordinators, CAD Engineers, Quality Control and Testing specialists, and Cost Accountants, as well as members of the senior management team.

If you'd like more information on R&D tax credits, simply get in touch:

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Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
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Myriad Associates helps businesses maximise tax reliefs and secure R&D grant funds. We specialise in R&D Tax Credits, Video Games Tax Relief, Innovate UK grants, Horizons 2020 grants, and Research and Development Capital Allowance Claims.

  • Submitting R&D tax claims since 2001
  • 100% success rate
  • Over £100m claimed and counting
  • Industry leading specialists
  • In-house technical, costing and tax experts
  • Member of the Research and Development Consultative (RDCC) committee

Meet some of the team behind Tax Cloud

Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
JEan Rollinson Jean Rollinson Senior Technical Analyst/Writer
Rabia Mohammad Rabia Mohammad Corporate Tax Associate