Are you eligible? R&D covers more sectors and activity than you think.
Only 10% of qualifying companies have participated in HMRC’s R&D Tax Credit scheme.
That’s means that 90% of you have not taken advantage of credits worth a staggering 225% of qualifying R&D expenditure.
Think about this way.
If you spent £100, 000 on qualifying R&D costs then this scheme means you can deduct £225,000 when calculating P&L. There is also an opportunity to credit a further £125 against taxable profits for every £100 spent on qualifying activities.
There are two key points that you may want to consider:
- The scheme is not targeted on technical companies. Any business making advancements through science or technology can qualify.
- R&D tax credits cover activities such as improvements to existing products or developing new business process.You can claim for a wide range of expenditure including; staff costs, materials, software and utilities.
Lewis Smith & Co. is offering a service to help you determine if you qualify for R&D Tax Credits and sort out the paperwork to make your claim. There are no upfront costs and we will work with you every step of the way to explain the process.
For more information call Andrew Smith today on 01384 235549 or email info@lewissmith.com.
Lewis Smith & Co. – Accountants for Halesowen businesses.
