Research and Development Tax Credits
R&D Tax Credits provide a rare opportunity for companies to claim cash back from HMRC.
The 2014 Finance Act has increased the cash back option to over 32% of the R&D expenditure for small and medium sized companies.
We have helped companies make claims under the R&D Tax Credits for cash back and for enhanced tax deductions which have resulted in cash payments totalling over £1,500,000 and a further £1,500,000 in reduced Corporation Tax payments, with claims ranging from £10,000 to over £250,000.
Given the substantial advantages of these tax credits, it is always worth another look at what the business is currently doing to change and improve its products and services. You do not need to have a R&D department or technicians in white coats; it is about what you do to stay competitive.
Take a look at our R&D checklist to find out if your company meets certain eligibility criteria.
- Has the company developed a new process or product in the last three years?
- Have you undertaken a project that aims to extend the overall knowledge or capability?
- Has the company made an improvement to an existing process or product?
- Has the company created a process or device which increases knowledge in its field of work?
If the answer to any of these questions is ‘yes’ then you could be eligible for R&D tax credits.
John Hine, Compcom:
‘WSM have provided me with outstanding advice over the years that has aided my strategic planning; the service, knowledge and expertise provided by the three principals directly to myself provides the collective service-wrap unequalled by the major household names as one would not have access to these in individuals. This service permeates throughout their firm and has now resulted in a highly satisfactory claim for R&D Cash-back and tax credits, without their innovative ideas and pro-active suggestions we would not have navigated our route to a successful conclusion and we now have the cash in the bank!’
Stuart Berwick, Single Track Stystem:
‘From the start WSM provided us with straightforward guidance on eligibility criteria and helped us through the whole application process, which ultimately resulted in a successful and significant claim for R&D expenses. WSM made the process stress-free and worked in close partnership with us throughout; we will be using them again and would recommend them to any business who wants to want to know whether or not they have a claim.’
James Wilkinson, Streaming Tank
‘If your company hasn’t thought about R&D tax credits before then I would definitely run through your options with WSM, because it was the best decision we ever made. We are extremely impressed with the outstanding service at WSM and are looking forward to working with them a lot more as we grow our business globally.’