R&D Tax Relief can be transformational for companies of any size
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As a business advisor I work in association with RandDTax Ltd, one of the largest independent specialist UK R&D Tax Consultancy Firms, to provide businesses in the Highlands an opportunity to claim tax relief where innovative processes are being used.
The R&D Tax Scheme can be transformational for companies of any size, enabling them to reclaim as much as one third of their R&D spend through the company tax return. This can unlock hidden value in a business which makes a professional assessment invaluable. Not seeking advice on R&D Tax can be a missed, or reduced opportunity and if competitors are already claiming R&D tax then this could potentially put a business at a competitive disadvantage.
Surprisingly few businesses in the Highlands claim R&D tax relief and very few businesses in the food and drink industries claim R&D tax relief despite there being a lot of technical innovation in this sector. It is possible that not all businesses realise that they are eligible for tax relief because they either do not know about the HMRC Scheme or because they are unsure if the business engages in activity which would be classified as being eligible for tax relief under the Scheme.
Research and Development Tax Relief is available to any UK limited company that uses science or technology as part of an innovative process/product. The technology must be innovative; being commercially innovative is not enough. Below are some of the sectors which have made R&D claims through RandDTax Ltd since the scheme began:
- Agriculture (fish farming)
- App development
- Architecture
- Bailiffs
- Bakers
- Breweries
- Cybersecurity
- Digital advertising
- Distilleries
- Electrical engineering and contracting
- Environmental consulting / engineering
- Food and beverages
- Furniture
- Ice Cream
- Insurance
- Printing
- Recycling
- Renewable energy
- Ship and boat building
- Telecommunications
- Waste management
If you think that your business might be eligible then your accountancy firm may be able to provide an initial assessment for you. Alternatively, as a consultant for RandDTax Ltd in the Highlands, I would be more than happy to provide your business with a free initial assessment to determine eligibility. Please contact me at juliemacleod@randdtax.co.uk.
A new guide on R&D Tax Reliefs has been produced by RandDTax Ltd, in association with Tolley (a British publishing company that publishes reference books on tax). It covers the impact of COVID schemes and the 2021 budget on R&D tax relief.
If you would like to receive a copy of the ‘R&D Tax Reliefs’ guide mentioned in this article, please email me: juliemacleod@randdtax.co.uk to receive an electronic copy (free of charge).
