Once you have entered the required information into our platform, we can then prepare a claim within a day (instead of more than 4 weeks with other advisors). After the claim is submitted, HMRC aims to process 95% of claims within 3-4 weeks, however they do not always keep to that timeline. Ask your EmpowerRD advisor for an up-to-date picture of HMRC payout timings.
You can claim for your current period and two historic financial periods. For example, you could claim as late as March 2019 for the financial year that ended on March 2017.
You can still claim if you have received a grant, however, it will usually mean that some of your claim will be filed through the RDEC scheme. The way your R&D tax credit is calculated will depend on the nature of the grant. Our team of R&D claims experts can advise you on the appropriate treatment for your specific situation.
No. The credit can be used in any part of the business. HMRC recognises that the best investment for a company can sometimes be in areas other than R&D. Either way, more money is available to innovate.
Yes. HMRC call it “surrendering” the loss. This means that any loss generated can be surrendered for cash received by the scheme. In effect, this means that the loss is not carried over to future years, instead you get the cash for it immediately.
R&D Tax Credits are not clear-cut and the boundaries can change frequently, making it difficult to keep up to date with HMRC’s expectations. It’s a relatively complex field where solid understanding and experience makes a difference. Most accountants can’t and shouldn’t be expected to be experts in technology, it’s not their job.
If you’re ever in doubt to see if you’re eligible for R&D Credits, it’s often best to contact a specialist for a free consultation. We can give you a definitive answer which your accountant may not be able to provide unless they have internal R&D Tax Credits specialists.
A whole host of industries can claim R&D tax credits. Essentially, any company which is solving technical or scientific uncertainty could be eligible to claim back their R&D costs.
The most common industries are manufacturing, software and IT. The list of can also include (but is not restricted to) industries such as engineering, food and drink, pharmaceuticals and agriculture.
Yes. R&D is an integral to the way the company operates for most companies that file for R&D tax credits.
However, It’s important to note that the technical narrative for each claim should change to match the evolution of the developments that you’ve undertaken in the latest year.