There are currently so many stories about environmental awareness and the need to lower the amount of energy and resources being wasted, and reducing physical waste especially in terms of packaging. Many businesses are putting considerable effort into striving to achieve these reduction goals.

But how many of these businesses have realised that what they are doing in improving their processes and adapting their products is, in fact, R&D and this could open the door to some significant tax savings through the R&D tax credit scheme.

What classes as eligible R&D?

Many businesses don’t realise that the changes and adaptations they are making are actual R&D. The term is often wrongly associated with being only for lab-based activities, but this is not the case. The R&D tax credit definition is very much wider and covers a broad range of businesses including agriculture, engineering, software, food and drink.

The key element that makes the activity that you are doing eligible for R&D tax credits is what you are trying to achieve needs to be seen as technically challenging or innovative in your industry. To be eligible you need to demonstrate that advancement in science or technology has been made which benefits more than just your business.

What type of businesses are eligible?

All businesses can be eligible from micro-businesses through large international corporations as long as your business is a Limited Company and is eligible to pay UK Corporation Tax. It is the activity that you are doing which makes you eligible not what sector or industry you work in.

How do you know if you are eligible?

Understanding the guidelines about R&D tax credits is not straightforward or simple as it covers so much activity that it can’t give you specific examples or guidance, so it is very much generic. And completing a claim application requires skill and knowledge to ensure a successful claim. This is where TEQ Group can help.

We have a highly skilled and experienced team who help businesses to determine whether they are eligible for R&D tax credits and have a 100% success rate with our applications. But we aren’t just R&D tax credit experts, we are also technical specialists who are able to understand your business and advise you of your eligibility and can assist you in getting the most out of your application.

We are so confident of our abilities to create a successful claim that we do not charge upfront fees and we only take our fee when you have received the tax benefit. We make the claim process hassle-free as we can manage the whole process for you.

So there really is nothing to lose in contacting us for a free, no-obligation assessment. To find out more contact TEQ Group today on 01423 815299 or click the button below and we’ll be happy to offer some advice.

 

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