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research & Development Tax Relief

Are you eligible for tax relief?

Do you undertake research and development?  If so, your business could be eligible to receive thousands of pounds in tax relief.

We are specialists in the Research & Development Tax Relief and have submitted many successful claims for clients, either enhancing the tax relief available or receiving a tax credit paid by HM Revenue & Customs directly to our clients.

The opportunities for making a claim are often overlooked with business owners and many non-specialist accountants overestimating the level of innovation required to claim. Projects qualifying for Research & Development Tax Relief include those seeking an appreciable improvement in science or technology.

Do you pay to solve technical problems?

If you do you may have scope to claim. Examples of this would include:

Modifying a manufacturing process
Developing bespoke software
Creating a new product or improving an existing one

Eligible companies can obtain tax relief on qualifying expenditure reducing taxable profits or creating (or increasing) tax losses which can be sacrificed to HM Revenue & Customs in return for a cash repayment.

The relief available is generous and an SME incurring £100k of qualifying costs could save in the region of £25k in tax.  Claims can go back two financial years, so first-time claimants can particularly benefit.

Summary of Research & Development Tax Relief for SMEs

Tax YearEnhanced Deduction*Payable Credit (loss-making)
2018/19230%14.50%
2019/20230%14.50%
*Enhanced deduction is the total amount of the actual expenditure, plus 130% relief

We’re Here to help

We focus on making the claims process simple for you. Initially, we will assess your potential eligibility before identifying qualifying costs completing the process and necessary submissions to HM Revenue & Customs on your behalf.

If you would like to find out more about the Research & Development Tax Relief please get in touch with the office on 01228 904 904 or email mail@seavorchartered.co.uk.

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