R&D Tax Credits | alexanderknightaccountants.co.uk

R&D Tax Credits

R and D Tax Credits.

R&D Tax Credits are a tax incentive from the UK Government designed to encourage companies to invest in R&D. They can reduce your tax bill or you can claim payable cash credits as a proportion of your R&D expenditure.

We have a 100%  success rate with all of our submitted claims, generating in excess of £1m for our clients.

Too many businesses are missing out on this tax break that has already saved smart small businesses nearly £600m. According to the latest figures by HMRC, more than £590m of tax credit has been issued to UK SMEs. More than £50m has been secured in the North West alone.

The R&D scheme is part of the Government’s drive to boost innovation. It means that businesses investing in the research and development of new products and processes get a 225 per cent tax deduction on qualifying expenditure, including staff wages, materials, overheads, software and utility bills, as well as the ability to claim cash back from HMRC.

One company benefiting is our client, the Greater Manchester based low carbon building services consultancy S.I. Sealy which has reclaimed almost £30,000 from HMRC through Research & Development (R&D) relief.

The company, which is one of the biggest independent low carbon building services consultancies in the North West, claimed the relief after working with Alexander Knight & Co to identify more than £110,000 of qualifying carbon reduction R& D expenditure in the last tax year.

Specialist R & D accountants

David Stafford, director of S.I. Sealy Limited, which employs 40 people, said:

“This scheme gives us even more confidence to continue investing in innovative and bespoke carbon reduction solutions for our clients. 
“We had heard of R&D claims but until Murray drilled down deeply in our business we simply assumed we didn’t qualify. After understanding the research and development process in our business the team at Alexander Knight were able to clearly see that we qualified.”

If you would like further information about how to make a successful R&D Tax Credits claim call Murray Patt on 0161 980 8788 or contact us below:

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You could claim thousands of pounds back from HMRC