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Is your business getting its R&D tax credits?

Tax Relief V3

Have you got a great idea and are trying to figure out how to fund it? One option that is worth exploring is HMRC's Corporation Tax: Research and Development Relief. It is worth considering if you:

  • currently pay Corporation Tax
  • the idea would make an "appreciable improvement" to an existing process or product
  • or it is a new idea based on a scientific or technological advance

An example of this could include moving from a highly paper based system to a bespoke application that facilitates your process and increases communication, quality and productivity. We have succesfully claimed for this ourselves and recommend that, for any bespoke software development, it is worth a phone call to see if it meets the criteria.

If your idea meets HMRC's guidelines and you pay Corporation tax you need to:

  • list all associated internal activites i.e. internal staff costs, use of materials, utilities etc
  • list costs associated with external activities i.e. subcontractors, purchased items
  • review items with your accountant

For the Small and Medium-sized Enterpise Scheme tax relief on allowable R&D costs is 225%. This means that for every £100 of qualifying costs spent you can deduct £125 from profit and thus reduce your Corporation Tax. 

You can read more at https://www.gov.uk/corporation-tax-research-and-development-rd-relief and should definitely work with your accountant.

If you want to discuss a new project idea please don't hesitate to contact Adam Kuznesof on 0191 482 0444.


The Transcendit Way

Transcendit understand that when you choose to work with us, whether we're taking care of your IT, app or web development, you're trusting us with part of your business. So whether we're looking after your computers, phone systems or servers we always do things 'the Transcendit way'.

The whole of our team adhere to the same values, beliefs and policies - the principles that were written when Transcendit first formed in 2000. Whether you come to us for a refurbished computer, cloud services or recovery backup you can be confident that you'll always receive the same excellent service.

The Transcendit way outlines how we do business; following the same straightforward principles with every client and customer, regardless of how big or small they may be.

That means we get to know you and your business. We offer you a friendly, professional and efficient service, and we'll always be honest with you.
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We want you to continuously benefit from working with us. We regularly discuss your business and make suggestions for improving systems and processes wherever we can – but we never try to push you into a purchase.
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