Many companies discount straight away the thought that research and development relief may be available to them, this is certainly not the case.
Any company which is progressive and innovating in its own field is likely to be able to benefit from it, whether this is developing new products, improving existing products or devising new processes for a customer project.
The relief has been around a fair while, but the rate has increased quite significantly in the last six years. To demonstrate this a company investing £10,000 in qualifying costs could reduce its corporation tax liability by £2,600 or, if loss making, benefit from a payable tax credit or indeed carry back a loss to an earlier profit making year and generate a refund. There is no minimum level of investment in a year for you to make a claim.
With the main area of qualifying costs typically being a proportion of staff and/or technical director wages, it is likely that you are investing a lot more than you realise.
Tribe have experience of helping businesses through the claims process and securing substantial tax savings for its clients. We will meet with you initially free of charge to discuss your activities and determine whether a claim is likely. We then offer a contingent fee arrangement for your first claims where we will share your risk by charging a proportion of the tax saving, only when the claim is accepted by HMRC. Any queries received from HMRC will be dealt with as part of that service.