R&D Tax Credits – Business continuity and support during these challenging times
The spread of coronavirus (COVID-19) is having a major impact on the way we go about our lives and our business.  The situation is changing daily but we wish to reassure all our existing and future clients that we have already instigated a comprehensive business continuity plan to ensure we are able to provide an uninterrupted service. All our R&D teams have the capability to work remotely and we have instigated a remote approach for all clients, facilitated by video conferencing, allowing us to deliver the same quality and format of service that you would normally receive in person. 

Help Line: Recognising the difficulties businesses are facing in trying to keep up to date with the details of the constantly changing financial support available and finding the information that matters to them, we have set up a help line to support you. We can’t promise to have all the answers at our fingertips as we all know some of these initiatives have yet to be firmed up by the Government, but your feedback will help us understand what you really want to know and focus our efforts on finding you the answers you need. Call us on 0114 263 2632

DO I QUALIFY FOR R&D TAX RELIEF?

DO I QUALIFY FOR R&D TAX RELIEF?

MSC R&D PAID-ON RESULTS; FAST-TRACK PROCESS; EXPERT TEAMS

Initial Meeting

Analysis

Facts and Figures

Submissions and Review

Approval

DO I QUALIFY FOR R&D TAX RELIEF?

If you are a limited company incurring expense on developing new products, technology or processes, you may be eligible. It is not sector or technology specific, and companies across a broad range of industries are already successfully claiming.

HMRC defines R&D as work that achieves a scientific or technological advance when scientific or technological uncertainty exists.

This can include:

achieving an increase in overall scientific or technological knowledge or capability

significantly improving products, processes, materials or services through scientific or technological development.

using science or technology to duplicate the effect of an existing product or process in a new or appreciably improved way.

If you are answering YES to any of these questions, then you should talk to us!

The whole project may not qualify, only the element addressing the technological uncertainty. This is not always easy to identify but can include planning and managerial activities in some instances.

With software R&D, where development is ongoing, identifying the areas of technological uncertainty in projects is critical, as many more routine activities will not qualify.

It is possible for a company to prepare and submit its own claims. However, in order to be sure that their claim is optimised and justifiable, the company (and/or their accountants) must fully understand the detail of the HMRC guidelines (a 15-part manual) and have the time, financial and technical expertise to define, quantify and support their R&D tax relief claim.

This is why the majority of companies either don’t claim or under claim. Or, worse still, over claim with no justifiable evidence in the case of an audit by HMRC. The alternative is to use a specialist like MSC R&D.