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To give you an idea of just how easy it is to make an application for Research and Development Tax Relief, we spoke to one of our clients who made a successful application. Jefferson’s Ice Cream started the process back in early May with a phone call to one of our advisers about how best to create a successful Innovation Report. On May 23rd the R&D claim pack was submitted and on July 3rd a tax credit payment was received. The amount was a little over £15,000 for the equivalent of one working day’s preparation of the report. If your company is undertaking any innovation in your field you can speak to one of our advisers to help get your application started. Listen to our interview with Christopher from Jefferson’s Ice Cream to get a sense of just how easy it is to generate some valuable cash flow for your business.
When Christopher first came across the Research and Development Tax Relief he was unsure if the scheme would apply to him as the owner of an ice cream business. He assumed the scheme was reserved for scientific and technological companies but after talking to our director Jon Cooper he realised how a growing business could also benefit from the scheme.
“To get back what we did was really worthwhile”
While the process will be different for each business, Christopher’s interview gives an idea of what might make up an Innovation Report. Christopher describes the research that went into generating idea, costing and ingredients that could be done at a desk, as well as the more practical work that went on in the kitchen. Something important that Christopher notes is to keep the application form in layman’s terms as it will be an HMRC tax inspector reading the Innovation Report, not industry experts. As long as your work can be shown to be innovative and unique, Christopher believes the main emphasis is to show the amount of work that has been undertaken in your research and not technical expertise or even an end product. Especially as the end product does not have to be successful in order to qualify for the scheme. Ultimately, the Innovation Report is only one or two pages worth of written evidence backed up with financial information. Christopher’s advice to other businesses interested in the scheme is to ‘be honest, don’t complicate it and listen to the advice’.
HMRC estimates that less than 10% of companies with eligible R&D spend are making a claim. The stark reality is that companies are missing out on billions of pounds of tax relief that they are entitled to.Our philosophy is to provide an affordable, personal service that starts with a conversation about your business and an honest appraisal as to whether your activities would qualify.
We have a dedicated team of R&D tax specialists and technologists who work with you and your team to understand the research and development that you have undertaken.
This enables us to ensure that we claim the full R&D Relief that you are entitled to and to present the technical report to HMRC in a meaningful, jargon-free way.
Finally, we manage the process from start to finish to ensure that there is minimal disturbance to your business.
To find out if you could be eligible for R&D Tax Relief all you need to do is to phone 0208 977 8655 or email welcome@cooperfaure.co.uk for an initial conversation that is free and without obligation.
Stay tuned for more in depth videos from the people at CooperFaure in the future!
If there are any topics you would like to be covered in future videos, or in a Q+A with our specialists, please let us know.