The R&D scheme is a tremendously generous tax relief which can secure substantial tax repayments, even for loss making companies which have paid no corporation tax. If a company performs any activities that fall within the definition of research and development, they would be entitled to claim the R&D tax credits.
SME businesses can claim up to 33p for every £1 spent on R&D qualifying activity. R&D tax relief is one of the UK’s most generous tax reliefs yet due to the misconceptions surrounding what activities qualify many companies don’t even consider claiming, and others have not even heard of the scheme.
We partner with the R&D technical experts at Markel Tax to provide the Jensten R&D service. They can assist you in identifying the qualifying activities across your business and your eligibility to make a successful R&D claim.
Markel Tax is one of the UK’s leading independent specialist tax and funding consultancy firms to the accountancy profession and it’s this unwavering reputation that makes them our trusted tax partner.
To qualify for R&D tax relief, your company must be:
R&D often occurs within day to day business activities where companies are improving, developing or manufacturing products, services or internal processes which aim to maintain a competitive and commercial advantage.
A commonly overlooked opportunity is where a client incurs a significant spend to improve their internal efficiencies and reporting. In many cases off the shelf products don’t have the capabilities to provide end to end solutions. Companies are often required to develop solutions in areas such as stock management systems, time management software and tracking solutions.
In addition, any off the shelf solutions usually need integration with existing systems therefore project costs are incurred to modify the solution in order to meet the company’s functionality requirements.
Success does not have to be a requirement to qualify for R&D Tax relief. If you have tried and tested projects in the past that have failed, they can still qualify for R&D tax relief.
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at www.lloyds.com/brexittransfer
