Professional Advice With a Personal Touch

Thompson Jenner LLP has worked successfully with many businesses in a variety of sectors, helping to identify areas where they are eligible to make a Research & Development tax relief claim and managing the complex application process on their behalf.

What is Research & Development (R&D) tax relief?

R&D tax relief is a corporation tax relief that may reduce a company’s tax bill or result in a payable tax credit. The amount of relief available varies according to whether the company qualifies for the more lucrative Small or Medium- sized Enterprise (SME) scheme or the large company scheme.

The idea that R&D tax relief is only applicable to those companies performing laboratory research work is a common misconception. Instead, it can apply to a wide range of different industries working in a variety of business sectors.

If you are not already claiming R&D tax relief, perhaps you should be. There is a lot of terminology around R&D tax relief, but don’t be put off. The key point is this:

  • If you are a SME, for every £100,000 spent on R&D, you can receive a £230,000 deduction from your corporate taxable profits. This will potentially trigger an extra tax saving of up to £24,700.
  • If you are loss making you can claim a cash refund of up to £33,350.
  • If you are a large company, you can make a claim under the RDEC scheme, the effective cash for benefit is 9.7% on qualifying expenditure.

These are valuable benefits. And if you think you are not spending any money on R&D, think again

How can we help?

There are quite a few potential pitfalls. The tax legislation around R&D claims is highly complex, as is the case law. There are many grey areas to confuse the inexperienced. HMRC’s requirements are also constantly changing. Therefore, achieving successful R&D tax relief claims that maximise cash returned to the business depends on having a deep and current understanding not only of the legislation,  but the way that HMRC applies it.

We have worked successfully with many businesses in Devon, the South West and beyond, helping to identify areas where they are eligible to make a claim and managing the complex application process on their behalf. We liaise with HMRC to ensure that clients receive the correct tax relief due to them, promptly. Leaving it to us makes the whole process hassle free and lets you get on with growing your business.  We can also make an application for advance assurance. If approved by HMRC it will allow the first three accountancy periods of claiming R&D relief without raising further enquiries.

What if I believe I might have a qualifying project?

Speak to us. We have  a dedicated team with the expertise and specialist skills required  to help with any R&D tax relief claim. After an initial, free, one-hour open discussion we can generally assess within reason the merit of any potential claim or refund.

We have successfully claimed relief on over £4.5M of additional expenditure for our clients ranging from software development, engineering products and nutritional drinks to growing chili plants.

If you would like to meet to discuss the specialist tax services which we are able to provide, please contact Jon Westley or Simon Lewis or one of our Exeter and Exmouth based tax specialist on 01392 258553 or 01395 279521

Read our fact sheet and recent articles

TJ Fact sheet  – Claim what you are due in R&D tax relief

Getting Credit for Research and Development

Research and Development tax relief for Architects 

 

We would love to meet you, which is why we offer all new clients a free, no obligation initial consultation. Click the contact button below to see all the methods to get in touch with us and if you like you can leave an email enquiry with the form provided and we will contact you to arrange a time and date.

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