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admin@phaccountancy.co.uk
01227 277 667

R&D TAX RELIEF

The R&D Tax Relief Scheme is the single biggest funding mechanism for small businesses investing in innovative projects.

It rewards companies conducting self-funded R&D work, regardless of whether they are in profit or loss. HMRC statistics show that 16,160 small companies received an average £49,505 in cash payments or tax relief from this government scheme. 

Typical R&D projects include in-house software development, engineering design, new product development, solving manufacturing problems and developing new processes. However, estimates indicate that 90% of eligible businesses are unaware they can claim. 

To access R&D tax relief, a company needs to prove to HMRC that their technical innovation meets the current legislation and the DBIS guidelines.

The guidelines are for the purposes of Section 837A Income and Corporation Taxes Act 1988. In this context “research and development” is defined for tax purposes and given legal force in Parliamentary Regulations.

Here at PH Accountancy, we understand the details of the legislation and can compile a technical report for HMRC that explains how a company meets the criteria. We also calculate the qualifying costs and submit the relevant documentation to claim back R&D costs in cash or as tax relief.

Our service includes support if there is an enquiry from HMRC through to its successful conclusion.

CALL US

PH Accountancy can relieve you of all the stress associated with completing HMRC compliance. We will ensure all of the requirements are met and the correct forms are submitted on time.

01227 277 667
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PH Accountancy

We are a young, dynamic and pro-active practice based in Kent who offer a friendly and professional service to our clients. Our client base is wide and varied ranging from a small one-man band to a large limited company and our business principle is the same in that each client, no matter what size their business has their own individual requirements.

Phone Number: 01227 277 667
Email: admin@phaccountancy.co.uk