“R&D Tax Relief Explained” Free eBook
This eBook will give you everything you need to know about R&D Tax Relief.
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Authors of the eBook
R&D Tax Solutions Ltd is headed by Evgeni Vachkov and Laura Duggan along with a team of qualified and experienced R&D tax consultants with specialist industry knowledge.
Laura is qualified ACCA and CTA and has been a team member in both regional and international tax planning teams, predominately working with Owner Managed Businesses on a range of tax legislative issues and in the last 5 years focusing heavily on R&D tax relief heading up the R&D/Creative Tax Industries teams within the accounting practise. She has handled several hundred successful claims and has achieved in excess of £10m of tax refunds as a result of her engagements. Additionally to this date she has not a single claim refused by HMRC.
Evgeni’s background is in the area of software development and implementation of large-scale global IT projects. For c.15 years he has consulted to global blue-chip companies in this regard. He is experienced in large data, online portals, cloud solutions, mobile applications, as well as bespoke finance and insurance systems and the specifics of these industries. His insight often helps us find the R&D gems in your projects and unveil information required to build a solid R&D claim.
We continuously undertake development projects and seek approval from R&D Tax Solutions that the activities qualify for R&D tax relief. The team are knowledgeable and provide a first class service.Charlie Willetts, Everything EPOS Ltd.
The R&D Tax Solutions difference
1. Feasibility Discussion
One of our tax consultants will discuss your company’s activities to confirm if there is the potential to make a successful claim, and how to formulate it. Following the identification of the qualifying activities, we will then determine the best method of collating the allowable expenditure.
2. Projects & Costs Qualification
A report will be formulated based on the information gathered. This report aims to answer any foreseeable queries from HMRC and accompanies the formal claim made in the company’s tax return to assist HMC in their new process.
3. You get a Refund
We will handle the claim on your behalf with one of HMRC’s designated R&D units. HMRC undertake to look at a submitted claim within one month of the receipt and raise with us if any queries arise within this timeframe. In a majority of the cases no queries are raised and R&D tax refund is received within 4-6 weeks of submission.
How much could I save?
|£||Example Calculation *|
|500,000||Profit before R&D|
|(130,000)||R&D Enhanced Deduction (100,000 x 230% = 230,000. Note: 100,000 of costs are already included in the profit figure so only deduct 130,000)|
|70,300||Corporation Tax at 19% (370,000 x 19% = 70,300)|
|24,700||Corporation Tax Saved (95,000 – 70,300 = 24,700). i.e. approx. 25% saving|