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Six easy steps to claim HMRC R&D tax credit
When accountants and their clients start looking into claiming R&D tax credits, they are often struck by the complexity of the application process. Usually, they get faced with the daunting prospect of completing many tasks. Most of these involve detailed research and reports to boot. Some of this is unavoidable due to the amount of…
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What expenses qualify for R&D tax credit?
As discussed previously, the sort of claims that typically make up R&D tax credit claims are dictated by HMRC. These include ‘creative and systematic work undertaken in order to increase the stock of knowledge’. Going a step further and identifying the expenses within each project is very important. This is because it will help determine the eligibility…
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Here’s why you should use an online R&D tax credit software portal
In the digital age it’s possible to find online services for all your business needs, with R&D tax credits being no exception. In 2017, the first online R&D tax credit portal software was developed and set up in the UK. Since then, many businesses have begun offering their own R&D tax credit software and nowadays,…
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How COVID funding will impact R&D tax credits
A majority of businesses have had to make big changes to the way they operate over the past year during the Covid-19 pandemic, with many turning to government grants and subsidies for much-needed financial support. As you might imagine, changes to your client’s business model as well as receiving support as a result of Covid-19…
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How R&D tax credits can be beneficial for your clients
In 2000, to encourage scientific and technological innovation and growth, the government introduced the R&D Tax Credit Scheme which is available to companies across the United Kingdom. To understand exactly how R&D tax credits work, click here. While submitting a research and development tax credit claim might seem time-consuming and complicated (made.simplr has the solution, but…
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R&D tax credits explained – What are they? Is your client’s company eligible?
The R&D tax credit scheme was launched in 2000 in the UK to encourage innovation by incentivising businesses to invest in scientific and technological research and development. The reward? A substantial corporation tax deduction or cash payment from HMRC, depending on set criteria being met. The idea being to use this cash injection or tax…