It can be hard for a small business to grow. We are told that a large proportion of startup businesses fail in the first few years and one of the major issues is cash flow. At Harlands we offer far more than standard accountancy. We believe that you can get that at any accountant. What we offer is something extra. We become a part of your team as our expert accountants get to know you, your business and your plans for the future. We then help you with the decisions you need to make your future plans a reality.
One area that we find is helping SME’s more every month is R&D tax credits. This is a scheme set up by the government to reward business for the risk it takes when investing in R&D. What that could mean to you is a cash injection back into your business from the tax man. We have been helping small and medium size businesses claim back large sums from HMRC – in fact we helped UK companies receive over £1 million so far in the 2016/17 tax year and the average claim was over £35,000.
This is making a huge difference to the companies we have worked with. Some have used the cash injection to hire more staff and expand their business, while others have made R&D a stronger part of their business.
When cash like this enters small businesses it stays in the local community. It is estimated that money in a small business is recycled in the local economy 7 times. This means holidays for local families, kids getting a higher standard of education or a better Christmas. We are proud to help small businesses to achieve their dreams.
So how do I know if R&D tax credits apply to my business?
There is a strong chance they apply to you. We see and submit R&D tax claims for a diverse range of UK companies. Manufacturing companies are one of the main industries that are eligible but if you have made changes to your products processes or procedures then you could have an eligible claim that will bring cash back into your company. This helps small business to survive and thrive.
If you are unsure about whether your business would qualify for an R&D claim then we can help. We offer a free, no-obligation consultation so we can get to know your business. From this short conversation we will be able to let you know if you have an eligible claim.
If I have a claim, what do I do next?
You can claim R&D tax credits by completing a form and sending it to HMRC. Part of the form deals with all the financial aspects of the R&D your business carries out. The other part is for an explanation of the work you have carried out and why it qualifies.
We have researched the system and have submitted many successful claims on behalf of our clients over a number of years. In fact we have a 100% success rate with our R&D tax claims so you know that you are in safe hands. We will do all the work for you in submitting the forms and keeping in touch with the tax man on your behalf – and the best part of our service is that it is a no win – no fee basis. So you don’t pay a penny until you receive the cash injection back into your business.
Is there anything else about R&D tax I should know?
The scheme is set to run for several years; with the government already backing it up until 2021 at least so it is here for the long term. Companies that spend on R&D tax should see the benefit of this tax credit for a long time. In fact if you have been spending on R&D over the last 2 tax years then we can backdate a claim for this period too. This means that you can see your claim grow bigger.
We have seen claims turn into payments in as little as 4 to 6 weeks so you could see this cash injection back in your business in no time. So what are you waiting for? A quick phone call to us can set you on the road to finding out whether you have an eligible claim. It might be the day that you look back upon that changed your business forever.