R&D Tax Credits
R&D Tax Credits
The UK Government launched the Research & Development Tax Credit scheme to encourage businesses to invest in new and innovative systems, products, and services.
Suppose a company spends money on improving their products or services. In that case, they are eligible to claim tax relief on those investment costs.
Those tax credits allow the company to grow and invest more in R&D, which enables them to claim even more tax relief.
In that respect, it can become a perpetual cycle of investment and growth.
Many business owners don’t understand what they can claim for and how to apply. They are put off claiming by the unnecessarily complicated small print and regulations.
Even written-off costs from two years ago are allowable. Additionally, many tech industries, such as film and video games, benefit from the enhanced allowance.
We can help you claim the maximum tax relief possible. Recently, we’ve worked with business such as:
- A clothing business exploring the possibility of creating a style of suit specific to the catering industry with the potential of opening up a new market to it.
- A furniture manufacturer developing a range specifically for dentist waiting areas.
- A recruitment business making changes to its CRM system to speed up its business process.
Whatever industry you operate in, we can help.
Call us now and let’s see what you’re entitled to.
Multi-Industry Success
The team at Funding Nav have worked with hundreds of customers, securing millions in relief for them. Every case is different, but the following are a few past customer examples:
Brewing
Areas of R&D
- Bespoke Water Treatment Facility
- Analysis of Local Environment-Water Distribution
- PH Levels-Treatment effective & safe
- Advanced Recipe Formulation-Distinct Flavour
- Enhanced Knowledge for Key Staff Members
- R&D Additional Costs 2013/2014 £89.0k
- Client Benefit £24.4k
Private Hire
Areas of R&D
- Auto Cab Booking System
- Bespoke IT System
- Back Office Integration
- Development of Oyster Card Type Payment
- Bespoke In Vehicle Terminal
- R&D Additional Costs 2013/2014 £297.0k
- Client Benefit £ 75.6k
Food Processing
Areas of R&D
- Heat Testing
- Molecular Reaction Testing
- Flavour Development Time
- Oxygen Exposure Time
- Bespoke Picking Application
- R&D Additional Costs 2012/2013 £157.0k
- Client Benefit £ 38.4k
IT / Telecom
Areas of R&D
- Development of CRM for own use
- Development of CRM for Client use
- Development of Unique Functionality
- Integration of IT, Telephony & Mobile device platforms
- R&D Additional Costs 2013/2014 £132k
- Client Benefit £ 48k
Printing
Areas of R&D
- The development of bespoke IT systems, or a customer relationship management system
- Making developments to improve the colouration or adhesion of ink on materials
- Removing toxic chemicals from products
- Trialing or testing the quality of print, and chemical reactions which may occur on new materials
- Trialing or testing of a new printing method or technique to meet a client’s needs, based on a specific project specification
- The development of 3D rendering techniques
- Typical claim in Print = £30k per annum
- R&D related staff costs & consumables form part of claim