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enquiries@buzzacott.co.uk    T +44 (0)20 7556 1200

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R&D tax credits

R&D tax credits are an important incentive for those businesses contributing to the UK’s growth, but they come with complex requirements. Find out how our specialist team can help you through the process.
Introduction

Consecutive UK governments have been keen to establish the UK as a hotbed of innovation. But this is only possible if the companies that call the UK home have the time, money, and resources available to invest in innovation – whether that’s product development, technological advancements, or new solutions.

Research & Development (R&D) tax credits are an incentive provided by the UK government to encourage companies to invest in innovation. The tax relief you’ll receive is based on the R&D costs that your company incurs and can be used to either reduce the amount of corporation tax your company pays (currently anywhere between 15-16.2%), or to receive cash back from HMRC (currently around 15 to 27%). 

You don’t have to be working in a particular industry to be eligible for the scheme, however your business must be undertaking development activities that seek to achieve an advance in science or technology through the resolution of a scientific or technological uncertainty. The outcome of the project can be tangible, such as new products or processes, or intangible, such as knowledge or cost improvements, and even failed projects can qualify.

However, in recent years, the scheme has become more complex – with different schemes available for different sized businesses, the inclusion of new activities, and the introduction of new requirements. This can leave even the most seasoned claimant with confusion over what they can claim for, and when. Our team of R&D tax specialists stay up to date on the latest changes by engaging with government consultations, and through regular conversations with HMRC. By engaging our experienced team, you can have peace of mind that your claim is in safe hands, with ongoing support in reviewing, preparing, and submitting claims.

If you’re unsure whether an activity your business is undertaking qualifies for relief, get in touch with us for an initial conversation. 

Speak to our expert

Iain Butler

+44 (0)20 7556 1343
butleri@buzzacott.co.uk
LinkedIn

Consecutive UK governments have been keen to establish the UK as a hotbed of innovation. But this is only possible if the companies that call the UK home have the time, money, and resources available to invest in innovation – whether that’s product development, technological advancements, or new solutions.

Research & Development (R&D) tax credits are an incentive provided by the UK government to encourage companies to invest in innovation. The tax relief you’ll receive is based on the R&D costs that your company incurs and can be used to either reduce the amount of corporation tax your company pays (currently anywhere between 15-16.2%), or to receive cash back from HMRC (currently around 15 to 27%). 

You don’t have to be working in a particular industry to be eligible for the scheme, however your business must be undertaking development activities that seek to achieve an advance in science or technology through the resolution of a scientific or technological uncertainty. The outcome of the project can be tangible, such as new products or processes, or intangible, such as knowledge or cost improvements, and even failed projects can qualify.

However, in recent years, the scheme has become more complex – with different schemes available for different sized businesses, the inclusion of new activities, and the introduction of new requirements. This can leave even the most seasoned claimant with confusion over what they can claim for, and when. Our team of R&D tax specialists stay up to date on the latest changes by engaging with government consultations, and through regular conversations with HMRC. By engaging our experienced team, you can have peace of mind that your claim is in safe hands, with ongoing support in reviewing, preparing, and submitting claims.

If you’re unsure whether an activity your business is undertaking qualifies for relief, get in touch with us for an initial conversation. 

Our Team

Our Team

Led by Iain Butler, our R&D Tax Credits team have a combined 30 years’ experience working to support clients with their claims. They also possess strong technical expertise, having spent 25 years in the field themselves as engineers, software developers, and industrial scientists. A key aspect of preparing any R&D claim is working with those responsible for the eligible projects, as well as the finance function. Our team’s technical background allows them to bridge the gap between your R&D functions and your finance function. Taking the time to truly understand your organisation’s goals, they’ll translate this into what reliefs are available, and help you prepare the claim.

The R&D tax credits scheme might be a standalone incentive, but a robust claim is dependent on understanding accounting, VAT, and corporate tax issues and mistakes can creep in. As part of the wider Buzzacott Corporate teams, we’re able to pull on the expertise of the whole firm when needed. And if you have wider corporate tax questions, financing and investment decisions to make, or you need outsourced business services – we can pull together a solution that suits your business. 

Our Approach

Our Approach

Our approach, unlike many others in the industry, is human-led, and tech-enabled. While technological advancements can support the claims process, it is crucial that we get to know your team and your business on a human level – supporting you to build a robust claim and providing you with the peace of mind that your claim will be defendable if HMRC make any enquiries into it. 

Our methodology for preparing claims has transparency and accuracy at its core. We’ll have open and honest conversations with you to understand the work you’ve been undertaking, and to understand what will – and won’t – qualify. We tailor our approach to our clients, providing you with a bespoke solution fitted to your organisation’s needs to ensure you get the best possible outcome for your innovation. 

Our Services

Our Services

Alongside our core R&D tax credit offering, we are also able to offer support on the following innovation incentives:

  • Research and Development Capital Allowances: RDAs provide businesses with 100% tax deductions for capital expenditure incurred on development, equipment or facilities used in carrying out research and development activities. But when combined with your R&D tax credit claim, they can provide considerable benefits.
  • Patent box scheme: Designed to reward innovative UK companies for retaining IP in the UK, the scheme applies a reduced corporation tax rate to profits derived from the licensing of patents and the sale of products incorporating patented technology. 
  • Innovation grants: A highly competitive process, innovation grant funding has the potential to raise non-dilutive finance for business growth through innovation. 
  • Land Remediation Relief (LRR): A relief on corporation tax through the capital expenditure incurred for cleaning up contaminated or derelict land. 
Client Testimonial

We have worked with Buzzacott for two years now and we are extremely impressed with the level of care, attention and service they provide. Primarily, they have provided us with R&D claim preparation expertise. Buzzacott’s knowledge of our business and what we do is exceptional and provides us with extreme confidence that the R&D claims we produce are robust, accurate and complete.

The Buzzacott R&D team are the best we have ever worked with. They are efficient, communicative, proactive, and always achieve our tight deadlines.

What has impressed us the most is their holistic approach; they are able to look at the bigger picture and on numerous occasions have successfully identified issues outside of the R&D remit and provided expert advice and solutions to overcome the problem.

In summary, we cannot recommend Buzzacott enough.

- Lee Moore, Finance Director at Essex Services Group Ltd

Get in touch

Get in touch

If you would like to speak to one of our R&D experts to find out more about how we can help, please get in touch via the form below or call +44 (0)20 7710 3330.

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