Empowering Innovation Through R&D Tax Benefits
With our expert guidance, we ensure you capture every available R&D tax relief benefit for your business. Our team provides comprehensive support, from identifying eligible activities to optimizing your claims, so you can fully leverage tax incentives and drive your innovation forward’ AND ‘Empowering Innovation Through R&D Tax Benefits
R&D Tax Credits
R&D Tax Credits in the UK are a financial incentive offered by the government to companies who work on innovative projects in science and technology. The programme is intended to help businesses offset some costs associated with research and development by providing a tax credit, which can be used to reduce the company’s overall tax liability.
R&D Tax Credits are available to all companies in the UK, regardless of size or sector. However, to be eligible for the credit, the research and development activities must meet certain criteria. Companies eligible for R&D Tax Credits can claim back a percentage of their research and development costs, which can include employee costs, materials, and subcontractor costs. The exact percentage of the credit depends on the size of the company, with small or medium-sized enterprises (SMEs) being eligible for a higher percentage.
Overall, R&D Tax Credits are a valuable tool that can help companies to invest more in research and development, reduce their tax liability, and increase competitiveness.
Overview of the R&D Tax Credits Claim Process :
1. Determine eligibility
The first step is to determine the eligibility of R&D activity or project of the business. The R&D activity or project must be seeking for an advance in science or technology by overcoming any scientific and technical uncertainty.
2. Collect information
The business will need to collect the technical and financial information of eligible project, which includes, technical report of project, invoices, expenses, timesheets, and payroll information.
3. Calculate claim
The business will need to calculate the R&D tax credit amount based on eligible R&D expenses and by applying appropriate R&D scheme tax relief rate. There are two types of R&D schemes SME scheme and RDEC scheme.
4. Prepare and submit claim
The business will need to prepare a technical report about the project to demonstrate HMRC’s eligibility criteria, complete the online tax return form (CT600) and submit technical and financial reports to HMRC.
5. Review of claim
HMRC will review the claim and may request additional information or clarification to approve or disallow the claim. This process may take serval weeks or months, depending on the size and complexity of the claim.
6. Payment of R&D Tax Credits
Once the claim approved the R&D tax credit will be adjusted against the corporation tax liability, any surplus tax credit can either paid by HMRC or business can request to carry forward the tax credit to offset against future tax liability..
Our Approach
At Olympus Innovation Ltd, we can help you maximise the impact of your R&D efforts to drive innovation and growth through R&D Tax Credits. Our team has 10+ years’ experience managing R&D Tax Credits claims for science and technology companies, allowing them to focus on their core business activities and growth strategies.
We offer the following benefits:
Increased chances of success: Olympus Innovation has expertise and experience in understanding the complex rules and regulations surrounding R&D Tax Credits. We can leverage this to ensure that your claim is complete and accurate, thereby increasing the chances of the claim being approved by the HMRC.
Maximisation of claim value: We can help companies identify all eligible R&D activities and expenditures, which can potentially result in a larger claim value. We can also help ensure all relevant costs are included in the claim, such as employee salaries, materials, and subcontractor costs.
Time Saving: R&D Tax Credit claims can be complex and time-consuming. Leveraging our in-depth knowledge and expertise, we can help streamline the process, saving you time and effort.
Compliance: We can help ensure that your company’s claim is compliant with relevant rules and regulations, which can help avoid any potential issues or penalties with the HMRC in the future.
Contact us today to speak to our experts
Ferguson House, 124 City Road,
London, EC1V 2NX, UK
[email protected]
+44 (0) 203 815 7934
Company No.: 14384236
VAT No.: GB430676010