What are R&D tax credits?
RocDaymer & Co provide an end-to-end service that makes claiming R&D tax credits easy for you.
Our proactive approach means we are efficient with your time so that you can get on with running your business, we do all the processing for you.
We will create a robust and fully maximised R&D tax credit claim for your business it then goes to HMRC. It’s a winning formula.
Our exact process will depend on your business and its needs, but you can expect it to take the following steps:
We will arrange a call to introduce ourselves and start to identify the information needed to create your claim.
We will work with whatever systems and records you already have.
We are proactive and carry out all the research into your claim, so you do not have too.
If you would like us to, we are happy to work with your accountant directly to obtain your accounts and payroll information.
We identify your qualifying activities and costs
We maximise your claim by uncovering the full extent of your qualifying activities and costs.
We will look beyond the most obvious R&D projects and expenditure to fully maximise your claim.
assuming that certain key criteria are met – specifically that the research and development activity is attempting to ‘resolve scientific or technological uncertainties’ – qualifying activity can be claimed for.
Regardless of company size or sector, the opportunity to claim will be available, with schemes existing for SMEs and larger organisations.
To claim as an SME, businesses should employ less than 500 employees Have annual turnover no greater than €100 million or a balance sheet total of under £86 million and be a limited company in the UK and finally been trading for more than one year
Larger organisations will be able to claim under the Research and Development Expenditure Credit (RDEC) scheme. By meeting the necessary criteria, it is possible for companies to claim R&D tax relief of up to 186% of qualifying costs. Such expenses include applicable staff salaries, some sub-contracting costs, materials, and consumables.
If we do not consider the company to have an R&D tax relief claim at this stage, we will not waste your time on trying to quantify a claim
We create a methodology bespoke to you
We will ensure that all criteria for the claim has been reviewed in line with your business so that you have peace of mind that your claim is robust.
We understand that every business is different. we will create a bespoke methodology unique to your business, your R&D activities and your records.
We will create a report for you to review. It will include a technical narrative, a summary of the costs you have incurred and how we have arrived at your total benefit figure.
Before this is sent to you for approval, it will undergo a detailed review by ourselves based upon the criteria for this tax credits.
Receiving your R&D tax credit
It typically takes HMRC between four and six weeks to process a claim, (around 28 days) although RDEC can sometimes take a little longer. Your R&D tax credit cash benefit is paid directly into your bank account.
If your business made a loss for the period you are claiming, you would look to receive a R&D tax credit cash refund.
If your business is in profit, your overall Corporation Tax bill will be reduced for the period you are claiming, if you have already paid your corporation tax liability bill for that period, you will receive a repayment