R&D tax credits
An extra valuable cash source to eligible companies that ultimately helps growth
We help maximise the claim
Research and development (R&D) tax credits are a government incentive aimed at rewarding and facilitating innovation for UK companies. They provide an extra valuable cash source to eligible companies that ultimately helps growth not only in the company, but the UK economy.
Companies investing in either new or improving products, processes or services are eligible for R&D tax relief. Due to this, R&D qualifying activities can exist in any industry. The important factor in establishing eligibility is through verifying true innovation. Therefore, it’s important to partner with an accountancy provider who understands HMRC’s strict requirements.
At LYA, we have invested heavily in developing an R&D tax product focused on SME’s. We have a rigorous process that is conducted through a series of interviews to establish if your activities qualify for R&D. We can then help maximise the claim by a thorough interrogation of your business numbers.
We have partnered with a variety of industry leaders who hold PhD qualifications, allowing us to perform an objective analysis on the innovation aspect of your R&D projects. This in particular helps show HMRC you have been prudent around the notorious ‘Competent Professional’ requirement.
We then take care of all the tax work and write the technical narrative sent to HMRC. This allows you to recover a proportion of your eligible expenditure, either as a reduction in your tax bill or as a cash payment, depending on your circumstances.
Is your business eligible?
Eligibility depends on whether your work seeks to resolve scientific or technological uncertainty, not on your sector. Software, engineering, manufacturing, food and many other businesses can qualify. We start with a conversation to understand your projects and whether a claim is likely to be worthwhile, before any detailed work begins.
Keeping your claim robust
HMRC looks closely at research and development claims, so a clear record of the projects, the uncertainties involved and the qualifying costs matters. We help you gather and present that evidence in the way HMRC expects. The rules and rates change from time to time, so we make sure your claim reflects the current position.
Part of your wider tax planning
R and D relief is one of several tax incentives that can support growth. Our tax consultancy and diagnostics service looks at your position as a whole, our accounting and tax compliance team makes sure claims are filed alongside your returns, and tax investigation insurance offers protection if HMRC raises questions. If you are raising investment to fund innovation, see SEIS and EIS tax relief.
We work with businesses across Surrey and the South East. Find your nearest team or call us on 01372 374143.
You can count on us to make your accounting worries disappear in 4 easy steps
Our onboarding process is extremely simple; the steps below can be tailored to your requirements.
