You and your business could be missing out on this valuable source of cash!
Looking into R&D submissions and don't know where to start? We've broken it down into the basics for you including eligibility, helpful platforms and the Quantico approach.
SME Research & Development tax credits are an incentive by the government to reward UK businesses for innovation and fuelling growth. It’s of little surprise that start-ups are often eligible for these given that innovation and growth come hand in hand with the speedy trajectory they take. However, unlike established larger companies with years of experience, you might not know if you’re eligible or how to submit your claim. Don’t miss out on the opportunity for your business.
R&D exists in every single sector - whether you’re in fintech or fashion, VR or AI, you could be eligible. If you’re spending money on innovation, you can likely make a claim for cash payment and/or Corporation Tax reduction.
The 2 first boxes you have to tick are:
✅ You’re an SME with less than 500 staff
✅ You’ve had a turnover of under €100 million or a balance sheet total under €86 million
So your company is eligible, what can you claim it on?
You’ll need to demonstrate how a project:
➡️ looked for an advancement in science and technology
➡️ had to overcome uncertainty
➡️ tried to overcome this uncertainty
➡️ could not be easily worked out by a professional in the field
Costs you can reclaim usually fall under salaries, contractors, software, hardware and utilities. We recommend brushing up on the wealth of info HMRC have on these.
EmpowerRD 💪
EmpowerRD combine software and R&D tax specialists to smooth out your claims process. This provides you with a service that is reliable, time-efficient and cost-effective. Stay calm in the knowledge that a world-class team of advisors including ex-HMRC inspectors are dealing with your request.
Granttree 🌳
Granttree are all about being fast, accurate and convenient. They’ll make sure to maximise your claim size while making sure it’s 100% compliant. Plus through their unique Advance Funding service, they could forward you up to 80% of your tax credits payout up to six months before your claim is filed. That’s six more months to invest, hire, and grow.
Our view is that the market for R&D services has become both crowded and commoditised.
You’ll find boutique agencies and freelancers are just using the same checklists that are actually available to accounting firms or businesses commercially. Many are profiting from this lack of transparency and charging much more than they should. We’d be very cautious of any provider charging large fees as a percentage of the total amount claimed. 🤔
That’s why Quantico could be the perfect place for your start-up to get support. Don’t waste time and money doing it yourself when we can provide you with your own in-house start-up specialists. From experience, the whole process usually takes us 2 days and thanks to our business model, you can book exactly that. We have a flat day rate and only charge for the time spent on the claim. You could save £1,000s! Get in touch today and see how we can help you take your business to the next level!
