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Research & Development (R&D) Tax Credits and Grants

ADVISING ON AND APPLYING FOR R&D TAX CREDITS AND GRANTS AND OBTAINING ADVANCE ASSURANCE

The UK R&D tax credits scheme enables companies to reduce their corporation tax liability or receive a tax refund based on a proportion of their R&D expenditure.

To qualify for an R&D claim in the UK, your business must satisfy all of the following criteria:

be a limited company in the UK, subject to Corporation Tax
carry out qualifying Research and Development projects
spend money on these projects
seek advance(s) of a scientific or technological nature to extend the overall knowledge or capability in a given field (not just for your company’s own state of knowledge or capability)
your projects must involve uncertainty that competent professionals cannot readily resolve and for which solutions are not common knowledge

R&D work will begin when a project seeks such an advance in science or technology and will end when the uncertain elements of that project have been overcome.

OUR R&D SERVICES INCLUDE:

an initial consultation to understand your business and identify qualifying R&D projects
determining whether the projects qualify under the Research & Development Tax Credits (RDTC) or Research & Development Expenditure Credits (RDEC) schemes
liaising with HMRC via the R&D advance assurance portal to confirm whether your business activities are deemed eligible for R&D tax credits
working with government agencies, such as Innovate UK and The Oil & Gas Technology Centre, and preparing quarterly, bi annual and annual grant claim submissions
building you a bespoke accounting process to easily track your qualifying R&D expenditure
preparing your R&D narrative report ready for submission with your corporation tax return
dealing with a diverse R&D client base including medical, environmental, software development, oil and gas
dealing with R&D tax credit refunds ranging from £5,000 to £2 million

Please call us on 01223 849 099 to discuss the requirements that your company needs to meet in order to claim R&D tax credits and grants, along with the deadlines by which filings must be made to HMRC.

What our clients say

When you start a business the first months are crucial and BCS helped us set up a formal structure that gave us a solid base on which to grow. We now use BCS for all the elements of running the business: accounts, payroll and Companies House filings. It frees us up to focus on what we’re good at: developing and delivering advanced technology to our customers.

Guy Newcombe, CEO

ARCHIPELAGO TECHNOLOGY GROUP LTD

For the life of my independent company since start up - over many years BCS have provided impeccable service in supporting my financial planning, accounting and management. They have also assisted with a number of start-ups and charitable organisations I have been involved with. Always very responsive, understanding and great for advice as well as solid services. Recommended without reservation.

PROFESSOR ALAN BARRELL

Over the last 12 years as CEO for two early stage biotechnology companies we have truly benefitted from the professional services at BCS, outsourcing our management accounting, payroll and company secretarial requirements to a team that has worked with us seamlessly and always delivered.

Rod Richards, CEO

VHSQUARED LTD