Many businesses will not have considered that they may be eligible to claim R&D tax credits to support their cash flow alongside the extraordinary measures being provided by the Government in the wake of COVID-19. At Hazlewoods, our specialist business advisers have a wide range of experience in claiming Research and Development (R&D) tax credits and are currently supporting businesses with claims that will provide an alternative source of finance for the coming months.
In the three years to 30 April 2020, Hazlewoods supported clients in identifying qualifying expenditure on average of over £40 million per year, generating tax savings of £6.7 million per year. In the year to 30 April 2020 alone, our business advisers supported clients in successfully claiming over £7.5 million.
HMRC has taken on extra capacity so that claims are still being processed within 28 days; this means both the SME and RDEC schemes continue to be a very accessible resource for short-term cash for a wide range of businesses. Our advisers are happy to speak to anyone who thinks they may be able to make a claim.
Save time, save money
It is a common misconception that R&D claims are time consuming and labour intensive; however, this is far from the case as they can save businesses thousands of pounds and using the right experts saves your time.
Hazlewoods is currently utilising a simple software form that enables clients to enter basic information about their past project costs and processes, and provides an instant indication as to whether your business may have a viable claim. The form takes less than an hour to complete and provides the basis for us to discuss with you and finalise your claim as quickly as possible.
Who can claim?
R&D tax credits are not just for technology companies and it is worth considering some of the following questions to understand whether your company may qualify:
- Does your company have a particular specialism?
- Has your company improved its efficiency/profitability?
- Is your business subject to regulatory changes?
- Has your company looked at new techniques or adaptation of new technologies?
To provide examples of the wide range of businesses that may be able to access these tax savings, in the past we have developed claims for:
- Veterinary practices
- Law firms
- Recruitment agencies
- Interior designers
- Dental practices
If you would like a link to the software to assess your potential for a claim or to discuss your options further, please get in touch with David Clift at firstname.lastname@example.org or 01242 680000.