R&D Tax Credits are part of a UK Government-backed incentive designed to reward UK companies for investing in innovation. They allow eligible companies to claim back some of their expenditure on research and development activities. The tax relief, usually in the form of Corporation Tax deduction, provides businesses with a valuable source of cash to continue investing in accelerating their R&D, hiring new staff and ultimately continuing growth.
For early stage companies who may not yet be profitable, the R&D Tax Credit can be turned into a cash repayment from HMRC providing a much needed cash injection.
R&D Tax Credits work by providing companies that are pursuing innovative projects - even if they’re unsuccessful - in science and technology with Corporation Tax relief. Tax deduction is extremely beneficial for growing businesses, and the R&D tax credit scheme even enables loss-making businesses to receive money directly from the Government.
Eligible R&D tax relief claims gives SMEs:
"I've been a client of Nigel's for almost a decade now. There's a reason for that......if you find a good accountant, stick with them. Nigel's advice is always sound and well thought out, and is backed by a no nonsense approach to getting the job done, whilst still having an excellent sense of humour. I have no hesitation in recommending both him and Acconomy as a smart partner for your business"
- Graham Dopheide, Director, FONTOF TESTING (UK) Limited
Working closely with trusted partners, our financial planning and wealth management services can help you make your money work harder for you, whether you’re planning your retirement, or wanting to safeguard your business for the future. Here are the areas we can support you with:
If you think your company could benefit from R&D Tax Credits, speak to us. We’ll work with you throughout the claims process to make it as straightforward as possible, and will manage all compliance and communications with HMRC on your behalf, so you can concentrate on building your business.
We’re highly experienced in Research & Development claims. Since the R&D Tax Credit scheme was introduced in 2000, we’ve been determined to maximise the tax relief opportunities available to our clients, and have had a 100% success rate in claiming R&D tax relief for those eligible.
So, now’s the perfect time to see if you’re eligible for a claim, if you’re a growing startup or SME:
We go beyond the day-to-day when it comes to compliance processing for startups and entrepreneurs. Work with Acconomy as your Intelligent Virtual Back Office and you’ll have clarity on your business finances through our expert planning and advice for the lifetime of your business. Our support provides both everyday accounting services as well as long-term high level planning to ensure the greatest opportunity for growth and success.
We’ll see where your business is today, and help you discover what it needs to thrive tomorrow. Our approach is cloud-based, meaning that we can easily (and securely) scale our support for you as your business grows, using tools like Xero, QuickBooks Online and Xledger to streamline your accounting processes.
Not only that, but we also provide specialist financial help through our trusted strategic partners, including funding, grant claims and tech stack development.
Nigel Simmons FCCA
Acconomy Chartered Certified Accountants
Are you a serious startup looking for guidance and insight? Are you a growing SME looking for assistance in moving to the next level? Maybe you're based outside the UK and need a local partner for on-the-ground support?
Whatever you’re looking for, please get in touch. We’d love to discuss further how we can help.