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.
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:
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 Simon Lewis or Jon Westley or one of our Exeter and Exmouth based tax specialists on 01392 258553 or 01395 279521
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