Tax

Get your client’s R&D claim in well before March 2021 to ensure they receive the maximum reward

This content is brought to you by rannd uk

What is the R&D incentive?

The R&D incentive (AKA R&D tax credits) is a government-funded scheme that helps UK companies sustainably fund their innovation through cash awards provided by HMRC. R&D can be broadly defined as striving to improve existing products, processes, and services or creating new ones. Businesses from any sector can qualify for the scheme by carrying out eligible R&D activities.  These activities include:

  • Overcoming technical challenges
  • Creating and testing prototypes
  • Streamlining processes
  • Trialling new or substituting materials
  • Developing bespoke software
  • Trial and error
  • Industry firsts

During the R&D process, there are a number of costs incurred that firms can claim for. These include:

  • Staff costs
  • Sub-contractors
  • Materials consumed
  • Utility costs
  • Some software costs

How are claims calculated?

Qualifying R&D expenditure is enhanced by 130% which is then used within the R&D tax calculation to create a financial award. Both profit and loss-making companies are eligible, and the scheme is designed to be equally generous in both cases. Claims can be backdated up to 2 financial years and successful claims can be used to decrease corporation tax paid or can result in a cash refund. 

Who are randd uk 

Randd are R&D tax credit specialists who have been servicing clients across the UK for over 12 years. Randd’s clients come from a range of industries- you don’t need to be a heavy hitter in the manufacturing, engineering and construction industries to qualify. Companies from many industries are eligible for the scheme including education, gaming, and cosmetics businesses to name a few.  

How can randd help accountants?

The process of claiming the R&D incentive can be complex and time-consuming for claimants and accountants alike, which is where randd uk come in.  

Accountants that refer clients to randd are awarded a referral fee for every successful claim meaning it’s worth having a conversation with your client about R&D as they could be eligible for the scheme and a cash award could be waiting for them. Not only does our referral process benefit accountants by opening them an additional revenue stream, but it also benefits their clients as claim sums are maximised in the minimum time and our experts are able to spot more unusual R&D activities.

This results in a strengthened relationship between our partnered accountants and their clients as costs and time spent are minimised with revenue maximised. Randd also serves as the insurance for clients and their accountants that claims won’t be rejected or questioned by HMRC as this can result in a tax inquiry which make claims lengthily and difficult to manage.

It’s worth noting that you can backdate R&D claims by up to 2 years, and with many companies, year ends fast approaching in December, and March it’s the perfect time to start the conversation as you don’t want your client to miss out on money they’re entitled to. Randd makes the process quick and simple and clients can receive their cash award in as little as 4 weeks.

Contact randd today to increase your income without increasing your workload. A 15- minute call with one of our experts will outline our simple process and can inform you on what R&D activities to look for in your client’s work.

Email: natalie@randduk.comTelephone: 01332 477070

This content is brought to you by rannd uk

rannd uk specialise in claiming R&D tax credits for UK businesses carrying out eligible research and development activities.

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