R&D Tax Credits explained

The panacea for your funding need? 20,000 R&D tax credit claims are processed by HMRC every year. If you are an innovative business read on and find out how you can claim back up to 33% of your cost.

Get back up to 33% in tax refunds or cash
There is no such thing as a free lunch … unless … the government has its fingers in the pie. The R&D tax relief programme scheme was introduced in the early 2000s to support innovative businesses by providing them with a tax relief of up to 33%. The UK government approves on average of around £2.5bn tax refunds per year with the average amount claimed by SME’s being £35k. R&D expenditures can be high and it can take years until a product is coming out of R&D to be market ready and generate turnover for the business. With around 20,000 claims made every year the UK has one of the most successful R&D tax relief programmes in the world yet very few business owners are aware of the scheme.

The process can be complicated to go through own your own, therefore it is advisable to find a specialist that can guide you through the process. There are plenty of advisors available these days that specialise in making a successful claim on your behalf. In most cases, you will not be required to pay anything upfront – most specialists operate on a no win, no fee basis. The fee can range between 20% and 30% of the amount claimed. Finpoint can help you find the most appropriate specialist – it doesn’t take more than 10 minutes of your time to fill in our short, intuitive online form.

What’s the turnaround time for an R&D claim?
HMRC aims at issuing the credit or raising any questions within a period of 28 days after submitting your claim

Can I make a claim for previous years?
Yes, you can make claims for previous years which would only require to file an amended corporation tax return. This is something your R&D tax credit specialist can help you with.

How can Finpoint connect me to a specialist?
We have a curated a panel of R&D tax specialists that look at your individual case and give you an idea if you qualify for R&D tax credits for free. All you need to do is to fill in our short online form and we get you in front of the right experts. R&D tax specialists are coming forward and express an interest in your project like other funders on our platform. You are then in the driver’s seat to decide who you would like to share you contact details with.
Does my business qualify?

In oder to qualify, your business needs to be:

  • a limited company (LTD) and be registered to pay corporation tax in the UK
  • working on a new process, new products, updating products, service or software development or needs to solve a technical problem.
  • less than 500 employees and less than £100m turnover to qualify for the SME Scheme where you can claim back up to 33% of qualifying expenditure
  • more than 500 employees and more than £100m turnover to qualify for the RDEC Scheme where you can claim back up to 9.7% of qualifying expenditure
Which businesses do not qualify for R&D tax credits?

The following type of businesses do not qualify for R&D tax credits:

  • Sole traders
  • Partnerships (LLP)
  • Public Liability Companies (PLC)
The average claim approved by HMRC is £35,000
Payout is usually initiated 28 days after submission

Finpoint is staffed with impartial finance experts that speak your language and are always ready to walk you through the pro’s and con’s of each option before you proceed. Decide without any pressure, safe in the knowledge you got the best funding solution for your business.

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Connect now with trusted R&D tax specialists in the UK.

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