Consider If You Are Eligible For R&D Tax Relief As You Think About How To Maintain Cash Flow In The 2ndNational Lockdown – Many Companies Would Be Surprised That They Do Qualify
We are starting a new month and week in this pandemic period and facing up to the reality that is a 2ndlockdown across the whole of England from this Thursday, 5th November.
The Director General of the British Chamber of Commerce calls it a “devastating blow” for SMEs, even with the return of the original 80% Furlough Scheme for the duration of the next month.
While businesses consider all of their grant and finance options to help them maintain the cash flow that they need to keep their doors open, if you have any thoughts that you might be eligible for the Research & Development (R&D) Tax Relief Scheme then NOW is the time to look into that – it could return funds from the last two financial years that could make all the difference to your company at this critical time.
Start the conversation about the R&D Tax Relief scheme TODAY!
Essex Commercial Finance work with tax specialist partners to enable us to help clients that are eligible for R&D Tax Credits to claim for relief or refunds that can add vital funds back into the company to support your ongoing business activities.
Eligible Limited Companies can claim a reduction in their corporation tax or a refund for ‘innovation’ in the work that they do – and the work does not have to have been successful or completed to qualify.
What is eligible ‘innovation’?
You don’t have to employ ‘men in white coats’ necessarily to be eligible – though you would probably qualify if you did!
Some examples of qualifying activities:
- Projects involving design and/or implementation elements
- Overcoming sector or industry problems in your work
- Achieving your goals by changing processes, materials, design, services or devices
- Your processes show you getting from starting to finishing points in your work
- An element of trial and error to achieve a positive outcome
- Employing technical staff in your business
Is your sector eligible?
The majority of companies don’t consider themselves eligible for R&D Tax Relief – talk to our expert partners and they can quickly assess if you have the basis for a claim.
The following are areas that companies commonly claim from – but this is NOT an exclusive list so please talk to us about your eligibility:
- Manufacturing, Sciences, Automotive and Engineering
- Construction, Demolition and Waste Services
- Technology, IT and Software
- Hospitality and Food & Drink
What can be claimed for?
You can claim for any qualifying project costs from the company’s last two financial years, including:
- Your related staff costs, including some tax and benefits
- Contract staff – % limits apply here
- Utilities directly used in the R&D activities
- Computer software – some % of sub-contracted R&D costs
- Materials directly used in the R&D process
How do you confirm if you are eligible and claim?
Whether we are already talking about commercial finance, or if you start talking to us specifically about R&D Tax Relief – ECF will take some outline details about your business and activities and make an introduction for you to our tax specialist partners.
If you are uncertain about your eligibility – let us make sure for you!
We do not charge you in relation to R&D Tax Relief at any stage, regardless of the outcome of your claim.
Our partners only levy a charge if you are successful in achieving tax relief or tax credits, so there is no cost and no risk to the company in exploring if you are eligible, or proceeding with a claim.
The R&D Tax scheme is an opportunity for eligible companies to add vital funds and value back into their business at a crucial time for everyone in the UK economy.
Please contact us today – it really isn’t a day too soon to get this assessment started for you:
Call Mark on 07726 196 106 or e-mail: firstname.lastname@example.org