There are many companies, including consultants and specialist subcontractors, still not aware that through R&D Tax Credits they can get credit for their business innovations.
The R&D Tax Credits scheme is designed to reward companies for solving problems. Whenever a company spends money on a project that qualifies, the company can get a cash reward or a reduction in the amount of Corporation Tax it pays.
An example of a recent successful claim made by a construction company involved:
New software was introduced for construction site turnstiles that helped ensure that safety regulations were adhered to. Their software used information from qualifications, along with health & safety information and drug test results, to decide if someone should be given access to a turnstile site.
Creation of a more efficient business process through improvements to a course booking platform, which enabled the company to sell surplus training slots and allowed people to download training results to their skill card.
Through getting a better understanding of the R&D Tax Credit process the company was able to uncover £750,000 in qualifying expenditure.
Even businesses who know about R&D Tax Credits often are not aware of everything they can claim. If interested in finding out more, send me an email to gerard@gerardgraham.co.uk.
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