R&D Tax Credits are a government-backed incentive that have been around for about 20 years, offering lucrative cash rebates to companies overcoming challenges in their work.
For many businesses under extreme cash flow stress during these uncertain times, an R&D claim that was previously overlooked (or they simply weren’t aware of) could be worth looking into more than ever. R&D relief could be a valuable source of funding for paying wages, materials or used for other means for those businesses currently experiencing an impact on their finances.
Despite being a well-established scheme, many companies have never claimed for R&D relief. There’s a common misconception amongst thousands of businesses that the incentive is unrelated to the activities they are undertaking as it seems like natural, everyday work. On the contrary, R&D tax credits are applicable to a huge variety of diverse practices across all sectors.
If your limited company has undertaken any work with the aim to achieve either a new or improved solution or outcome, and you were required to overcome some kind of technological or scientific uncertainty while doing so, there’s potential for having the basis of a strong claim. It’s also possible to track back all eligible activities for two previous financial years. This means there could be a substantial sum of money potentially available relatively quickly, which could make a real difference for short-term cash flow.
Tax Shop has a strong track record for turning around claims quickly for businesses nationwide. We’re experienced at gathering all the relevant information comprehensively to package a robust claim with an average approval time of around 6-8 weeks.
Unsure of whether the work your business has undertaken qualifies for the scheme? We’re here to support your business through these challenging times and our experience can ensure you don’t miss out on what you are owed. Speaking to our specialists can cut through the complexity of unlocking your eligible expenditure. HM Revenue & Customs has already stated it’s doing everything it can to process R&D tax credit claims as quickly as possible in the current climate.
The sooner you get in touch, the quicker we can get the ball rolling on submitting a potentially rewarding claim to benefit your business.