Research & Development
Rewarding your innovation
If you’re researching or developing a new product or service or modifying an existing one to improve it, you could be eligible for Research & Development (R&D) tax relief.
R&D tax credits are an initiative launched by HMRC in order to reward innovation and encourage business growth. They’re a valuable source of cash for businesses to invest in developing a new product, process of service. They can even be used if you’re modifying a product, process or service.
R&D tax credits are a valuable source of cash for your business allowing you to invest in further projects ultimately growing your business. We’ll work closely with you to accurately identify your R&D projects and expenditure.
Our R&D advisors can provide support with:
- Assessing your eligibility to claim R&D tax credits
- Processing your R&D tax claim
- Support for businesses claiming R&D relief under the SME scheme
- Advice for larger businesses claiming R&D relief under the RDEC (Research & Development Expenditure Credit) Scheme
The R&D tax relief process
Putting together a potential claim for R&D tax relief can be a minefield. We’ll work closely with you to really understand your business and sector so we can identify all of the information we need to collate a report for you. With our expertise we’ll uncover the full extent of your claim. Once you have approved the full report with us we’ll then deal with HMRC, keeping in touch with you every step along the way.
Outcome
Once your R&D tax relief claim has been submitted via your corporation tax return, we’ll keep in constant contact with HMRC. You’ll then be rewarded for your R&D efforts with either a reduced corporation tax bill (if your business is profitable) or a cash benefit (if your business made a loss during this period). This can then fund your next R&D project.
Eligibility
There are a few key things that you’ll need as a business in order to qualify for R&D tax relief, these include:
- A limited company located in the UK and subject to corporation tax.
- Carried out and spent money on research and development activities.
There are a variety of qualifying costs which can be incorporated into your R&D tax relief claim including:
- Staff costs – salaries, employer’s national insurance, employer’s pension contributions and reimbursed expenses.
- Sub-contractors – any freelancers you’ve hired on the project.
- Materials and consumables – anything relating directly to the project such as heat, power and light.
- Software – certain types of software which are necessary to the R&D process.
We operate on a no claim no fee basis. Our fees are recovered as a percentage of the benefit that you receive once HMRC have processed your claim. We do not charge you anything during the process and we do not tie you to a fixed-term agreement.
3 reasons to partner with Xeinadin
01
Not just R&D specialists
Our team has a variety of industry experience so they can provide a full service.
We understand your business and sector, ensuring your claim is accurate and fully maximised.
02
Five step process
Our tried and tested process for R&D tax credit claims ensures the maximum benefit to you, we’ll keep in touch with you throughout every step of the claim
03
No tie in
We use a no claim no fee approach as we charge a percentage of the benefit that you will receive from HMRC. There’s no tie in or fixed agreement.
Latest insights
The latest changes to R&D tax credits
In an effort to boost productivity growth, the Government has set a target to raise investment in Research & Development (R&D) to 2.4% of UK GDP by 2027. The Chancellor Jeremy Hunt, emphasised that the Spring 2023 budget was focused on growth. Encouraging more R&D projects is key to this goal and a number of […]
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