Many firms make the mistake of thinking that their industry makes them ineligible to claim R&D tax credits. Often, they’re of the opinion that, if they’re not a pharmaceutical or tech business, then what they’re doing couldn’t possibly be classed as research and development. More often than you’d think, however, that’s simply not the case.
If you create or sell a product or a service within the fields of science or technology or if you’re developing new processes designed to further your abilities and understanding, there’s every chance that your business invests in R&D. If that’s the case, you may be eligible to claim R&D tax credits, even if your specific research projects didn’t prove successful.
Large or small, your business could be eligible to claim R&D credits if you’re using your own (or even subcontracted) team in the development of new products, systems or services. Even if that work is being carried out on behalf of another organisation, you may still be eligible to make a claim on behalf of your own company.
Why choose Phil Owen & Co.?
If your business is profitable, we could help you achieve a substantial reduction in your Corporation Tax liability. Even if your business is loss making, those same tax credits could be converted to a significant cash boost. What’s more, your ability to claim isn’t limited simply to the last financial year. Instead, eligible companies are entitled to claim tax credits for the last two full financial years.
Before you claim, however, you need to check whether your firm is eligible and, just as important, whether your project counts as R&D. Doing this yourself can require lengthy and detailed explanations to HMRC backed up by a whole host of supporting evidence. Thankfully, at Phil Owen & Co., we offer a hassle free R&D credits service for businesses in Liverpool and Wirral, performing the necessary calculations, completing the paperwork and submitting your claim direct to HMRC on your behalf.
In addition, we offer proactive, expert advisory in other accounting matters too – including Corporation Tax support and general accounting services. Jump-start the process by arranging a free consultation with us either at your office, or at our Liverpool HQ.