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Research and Development Tax Credits

Helping you maximise your tax credits

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Make your R&D work for you

As part of the government's drive for greater productivity and innovation, companies carrying out research and development can claim back a proportion of their capital expenditure.

Companies of all shapes and sizes can apply. As long as you're creating new products or services that contribute to the advancement of science or technology it is something you could qualify for and should explore.

If you're eligible, you can claim back up to 21.5% of qualifying costs as a reduction in your corporation tax - or, in some cases, up to 18.6% as a cash payment.

Not only does this help boost your businesses innovation, it boosts your businesses finances too. Helping you contribute to economic growth and putting your business at the forefront of R&D innovation.

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While your businesses focuses on innovation, we'll focus on the paperwork

The claims process

With such generous tax breaks on offer, it should be expected that HMRC will take a keen interest in your application, so it's important to get it right. To ensure your application gets accepted, but more importantly to ensure you get the maximum return on your claim.

But submitting your application isn't always a straightforward process. Choosing which expenditure to include and what to leave out can prove tricky, so working with an R&D tax specialist is advisable in most circumstances.

At Inform we work with regulated R&D tax specialists that have years of experience helping clients submit their R&D tax claims properly. Our specialist partner will do all of the work for you - making sure the right expenditure is included and presenting all of the appropriate documents to back it up on your behalf.

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Key Benefits

  • Boost your finances & profitability
  • Make sure your application is accepted
  • Focus on innovation, not on the paperwork
  • Maximise your R&D claim
  • Minimise the risk of HMRC enquiries

With you step by step

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Step 1 - Book fact-find meeting

Ahead of this meeting you will be sent a short information pack explaining the purpose, setting the agenda and detailing any information you need for the meeting. 

Step 2 - Undertake fact-find meeting

Sit back, relax and talk it all through with your Client Manager.

Step 3 - Claim preparation

 All of the information gathered will be collated into your Draft Technical R&D Report and Draft R&D Expenditure Summary. 

During this period some additional information may be requested.

Step 4 - Internal review and quality control

We only work with R&D partners that are committed to delivering the best service and reports possible. In order to achieve this they must ensure that all work meets our high standards. They will conduct an internal review of the claim to make sure every box has been ticked.

Step 5 - Client review

The big reveal!

Your first look at your R&D report. Please review the Draft Technical R&D Report and Draft R&D Expenditure Calculations. 

This is your report and if you want anything amended please let us know. 

Step 6 - Finalisation & Submission

Any suggested adjustments will be made and the report finalised.

The finalised report and expenditure summary will then be sent over to us as your accountants to submit the claim to HM Revenue & Customs. 

Step 7 - Wait for HMRC to process

Now HM Revenue & Customs has the claim and will look to process it within 28 days. 

They do experience periods of high volume and there may be delays in them processing claims. Rest assured, this is nothing to worry about and we will liaise with HM Revenue & Customs in these cases and keep you apprised of their current processing times. 

Step 8 - Completion

The claim has been processed and accepted by HM Revenue & Customs. You will be contacted with the good news and advised as to the total tax saving.

You will also be invoiced at this point. 

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Ebook

A guide to R&D

Want to understand more about research and development? In this short eBook we get to grips with the basics of R&D, from looking at how the credits work, and eligibility.

Download your copy for FREE below.

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Speak to one of our specialist accountants today!

If you’d like to know more about how we can support your wealth management, we’re happy to help.