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The R&D tax relief program has been set up to help companies involved in research and development offset the costs involved in running some of their activities. In 2019 alone, more than 86% of the governmentu2019s tax relief allocation for research and development businesses was not claimed.
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How Tax Relief Agents Can Save You Time And Money
At the end of 2019, there were more than 4.4 million businesses recorded in the UK alone with a large percentage being involved in research and development projects. Of these businesses, less than 60,000 made claims to the government's R&D tax relief support. Surprisingly, many companies do not know about these tremendous benefits. Moreover, businesses that are aware seem confused on their eligibility and often make no claim at all. The R&D tax relief program has been set up to help companies involved in research and development offset the costs involved in running some of their activities. In 2019 alone, more than 86% of the government’s tax relief allocation for research and
development businesses was not claimed. Claiming tax relief can inject much-needed additional capital into your business that will then push your projects further. This is how to find out if your business qualifies for the government’s R&D tax relief. Understanding the tax relief system Trying to interpret the HMRC tax relief guidelines can be mind boggling, as the process can be confusing and lengthy when you are making a claim for the first time. It gets worse when you end up losing the credit claim because of filling an inaccurate application and
getting flagged by a HMRC tax specialist. Companies such as Areande have many years of experience with a team of experts to do all the groundwork for you. This is the first step towards understanding the R&D tax relief system. Speaking to an agent will clarify more about the position of your business and its eligibility for tax relief. Before you get tempted to unsuccessfully navigate it all on your own, take a look at some of the benefits of using a tax relief agent. Investing in an R&D tax relief agent
Professional tax relief agents have gone through the 500-page legislation and encountered many cases similar to your business. Agents are in the best position to offer you information and share knowledge on how best to make your claim. It is easy to miss out on a lot of information when trying to understand this process on your own. An agent will simplify your work and help you get value from your claim. Investing in one now will increase your capital and overall productivity. They know more about the system and on what a HMRC tax specialist expects to see in your application. Is it really worth the risk of making an application yourself and getting some information mixed up that could unwittingly alarm a HMRC tax specialist to spot check you? Why not weigh the cost of hiring someone professional to do the job, against making an inaccurate claim and having a HMRC tax specialist on your case? Having a professional handle the paperwork guarantees that you make a
comprehensive application. The agents also defend any queries raised towards your claim thus increasing your chances of success. One of the best strategies for any research and development group is to find out what R&D tax relief benefits they are entitled to. An agent is equipped to identify any loopholes that exist before handing in your application to a HMRC tax specialist. Years of training and practice ensures they are uniquely positioned to get you the most positive outcome. The amount that a company is eligible for differs depending on whether you have a grant; have been subcontracted; or are working in partnership with another organisation. Some companies are only eligible for the expenditure credit or state aid grants but all this can be clarified by your agent. The benefit here is in having an agent explore all avenues for you to get the best tax relief for your business.
You might think that time is on your side but businesses only have two years to make a claim to the HMRC tax specialist. A professional will help you get the right documents and meticulously comb through your application, whether you are making it for one or two years so that you make a substantiated claim. The bigger benefit is registering your claim for the relief in time and accessing your claim before the deadline. It also relives you from having to do all the paperwork yourself making sure its is ready to present to a HMRC tax specialist. A big misconception is that you have to be in science or technology to benefit from the R&D tax relief package so many potentially eligible applicants give up before even trying. Innovations could be in any industry as long as they involve a product or service that improves what already exists in the market. An agent will assist you to know more about the considerations made towards development. This strengthens your case and gives research and
you the confidence you need as a young business to proceed with the application. Hiring staff for an innovative project or setting up to develop a prototype for instance might make your company eligible for R&D tax relief. Taking that first step and reaching out to an agent for a consultation is key. To be better than your competitors in the R&D sector, it is essential that you access these benefits for your company. Get started by reaching out to a credible agent from Areande to walk you through the process and get you all that you are entitled to. The government continues to create a better environment for companies in research and development to thrive with incentives such as the R&D tax relief benefits. Do not be left behind. Make your claim and enjoy more income, time and freedom to innovate.
