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Companies which invent new production methods or products can claim enhanced tax relief for the research and development (R&D) costs. Small and medium sized companies can claim 230% of qualifying R&D costs, and a 14.5% payable tax credit if this extra deduction results in a loss!

This is a very attractive relief and it’s really quite easy to claim. You can ask HMRC for an advance assurance that your company, and its R&D projects, will meet the requirements for R&D tax relief. We can help you do this.

The main benefit of advance assurance is that HMRC won’t raise further questions about your initial R&D claim, and for R&D claims submitted for the next two accounting periods.

The advance assurance procedure can only be used by small companies which haven’t claimed R&D tax relief before. ‘Small’ means an annual turnover of no more than £2 million, and fewer than 50 employees.

You need to apply for R&D tax relief within two years from the end of the accounting period in which the R&D costs were incurred. So, if your company has been innovative in the recent past, don’t delay your application for R&D tax relief!

Action Point!

Companies which invent new production methods or products can claim enhanced tax relief for the research and development (R&D) costs. Small and medium sized companies can claim 230% of qualifying R&D costs, and a 14.5% payable tax credit if this extra deduction results in a loss!

This is a very attractive relief and it’s really quite easy to claim. You can ask HMRC for an advance assurance that your company, and its R&D projects, will meet the requirements for R&D tax relief. We can help you do this.

The main benefit of advance assurance is that HMRC won’t raise further questions about your initial R&D claim, and for R&D claims submitted for the next two accounting periods.

The advance assurance procedure can only be used by small companies which haven’t claimed R&D tax relief before. ‘Small’ means an annual turnover of no more than £2 million, and fewer than 50 employees.

You need to apply for R&D tax relief within two years from the end of the accounting period in which the R&D costs were incurred. So, if your company has been innovative in the recent past, don’t delay your application for R&D tax relief!

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Clarke Nicklin House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3TD. Registered Number OC309225.
The firm is registered to carry on audit work in the UK & Ireland. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001178544. The professional rules applicable are the Audit Regulations and Guidance which can be found at www.icaew.com/regulations, and the International Standards on Auditing (UK and Ireland) which can be found at www.frc.org.uk/apb/publications/isa.cfm.