Claim your Tax Credits with My R&D Claim
What is My R&D?
At F. Initiatives we recognise that organisations short on time need a simple and effective way to claim for their R&D Tax Relief – whilst still maintaining the assurance that their claim contains all the information that HMRC need to approve it. My R&D is an online tool that allows you to compile the relevant information in your own time, with guidance from us if you need it along the way and an all-important evaluation of the final report before you send it to HMRC to maximise your chance of success.
What are R&D Tax credits?
Started in 2000 the scheme offers an effective cost reduction of 26% on all R&D activity for SMEs. Additionally, businesses operating at a loss can choose to surrender their deficit for a payable tax credit at 14.5%. This means that a business making a large loss could receive a cash payment of up to 33p for every £1 spent on eligible research.
Companies not covered under the SME scheme may be able to claim under the R&D Expenditure Credit (RDEC) incentive which offers an 8.8% tax credit of eligible R&D costs, directly reducing your corporation tax liability.
Can I Claim R&D Tax Credits?
If you are a SME with under 500 employees and either an annual turnover of less than EURO100 million or a total balance sheet of less than EURO86 million and have provable expenditure on the research and development of new products, processes, logistics or infrastructure it is likely that you will be able to claim R&D Tax relief.
If you do not fall into this definition of an SME (set by the European Commission) then you may still be able to claim under RDEC as a larger company.
Any projects that lead to “the creation or improvement of a product, procedure, process, program or equipment; and demonstrating originality or substantial improvement” may be eligible for a claim – and the innovation doesn’t have to have been successful to qualify.
You can claim for:
- Staff costs including salaries, employer’s NIC and pension contributions
- The cost of consumables and logistics used by the project such as building costs and utilities
- The cost of the materials used by the project or to support it such as machinery and hardware
- Expenditure on subcontractors and freelancers
- Expenditure on some types of software development.
Still not sure My R&D is for you?
F. Initiatives has a 100% success rate in the UK and has claimed over £1 billion in tax credits worldwide over the last 18 years. Now, with My R&D, you can take control of producing your own technical reports, safe in the knowledge that your claim will be evaluated by our team of R&D Experts to ensure the maximum chance of success. Can your organisation afford to miss out on funding that could drive your next innovation? Click here to speak to one of our Technical Team today.