Helping businesses claim Research & Development cash tax benefits faster

Stuart Weekes, Partner, Corporate Tax

HMRC have joined the 21st century and started piloting a new on-line service to help businesses expedite the repayment of their R&D cash tax benefits.

At the moment the new service is only available to SMEs, but there are plans to extend it to all companies.

What are Research & Development (R&D) cash tax benefits?

For every £100 of R&D spend:

Loss making companies can claim up to £33.35 cash from HMRC
Profitable companies can reduce their tax bill by up to £43.70

Could your business benefit?

The answer could be yes if your business is doing any of the following:

Developing new or improved products or processes
Investing in technology, including the development of new or improved software when used:
- For sale or licencing including the development of Apps and platforms etc.
- As part of a product, process, tool or device
- To make your business run more efficiently (e.g. the development of improved stock control system, new document management system etc.)

Can we help you?

We are looking for businesses who want to be part of the pilot scheme and hopefully benefit from claiming R&D cash benefits faster. If this interests you please contact Caroline Hunt or your usual tax advisor.