What qualifies as R&D expenditure?
There are lots of areas that could qualify for relief, from creating a new product to making an appreciable improvement to an existing process. Most companies will see the qualifying projects as something they just do and therefore it usually takes our team of Technical Specialists to ask some questions to identify whether it is something that we could put forward to HMRC.
How far back can I make a claim for R&D Tax Relief?
Claims can be made as far back as two full financial periods.
Can I submit a claim by myself?
The R&D claim forms part of your corporation tax return so yes you can make a submission yourself. However, we strongly recommend against this as incorrect submissions can be costly in the form of penalties and also the tax legislation is complicated and should be prepared by Chartered Tax Advisors who have an understanding of the legislation.
My accountant says they could make the claim for me?
Making a claim is not a numbers exercise. We undertake reviews on behalf of clients on work prepared by accountants and this usually would not be sufficient to submit to HMRC or is either incorrectly prepared or has not been maximised. Usually accountants are not qualified Chartered Tax Advisors so although they may be in a position to prepare year end compliance, they are not best placed in providing tax advice.
My company is loss making, can I still make a claim?
Even companies that have made a loss can put a claim forward to HMRC. This will enhance the loss further and could be carried forward to offset against future periods or even surrendered for a cash credit from HMRC.
Why use CBTax?
CBTax are specialists in preparing R&D Tax Credit claims. Not only are we also Chartered Tax Advisors but we are lead by Finance Monthly’s Corporate Tax Advisor of the Year 2018, Chris Beale who has been recognised for the work he delivers to his clients.