Research and Development Tax Relief

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Research and Development Tax Relief

R&D Tax Relief offers innovative businesses the opportunity to access additional funds for investment, but it's crucial to grasp the rules and regulations governing this government incentive. This is where the expertise of Page Kirk can be invaluable.

If you manage a growing business and seek to expand your investment portfolio, you might not be fully aware of the substantial tax savings available to you. In the previous year, more than 76,000 SMEs received nearly £4.4 billion in tax relief. It's certainly worthwhile to determine if your company qualifies.

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What are R&D tax credits?

Research and Development (R&D) tax credits represent a government initiative aimed at incentivizing and rewarding companies in the UK for their investments in innovation related to the products and services they provide. This serves as a highly valuable source of cash or tax relief for businesses to contemplate investment, accelerate their R&D efforts, recruit new personnel, and ultimately foster business growth. R&D tax relief stands as one of the premier incentives provided by the UK government to promote investment in research and development, enabling companies to recover up to 33.35% of their R&D expenditures either through a reduction in corporation tax or as a cash repayment.

The total sum disbursed for R&D tax credit claims last year amounted to £7.4 billion.


Get rewarded for innovation

SMEs (Small and Medium Sized Enterprises) can claim an additional 130% of tax relief on any qualifying R&D spend in their annual tax return. Not only does this help small businesses to significantly bring down their corporation tax bill, but it also helps businesses to continue to invest in their growth.


Who is eligible for R&D tax relief?

All companies in the UK are eligible for R&D tax relief, but they are required to meet certain requirements to qualify. They must be a UK company subject to corporation tax and have undertaken qualifying research and development activities in the creation of new products or services or the modification of an existing product or service.


What costs qualify for R&D tax relief?

There are various costs that can be reclaimed under the scheme including:

  • Salaries, pensions and employers national insurance
  • Investment in software solutions
  • Costs for third parties (freelancers and subcontractors)
  • Materials and consumables for the project

Our Research and Development Accountancy services:

R&D Investment Advice from Chartered Tax Advisers
Got an idea that needs professional financial appraisal? We’ve supported many innovative companies with business plans, financial appraisal and cashflow forecasting before the launch of their ideas. Receiving advice from chartered accountants and chartered tax advisers gives you insights to make calculated research and development investment decisions.

R&D Tax Relief
Our team are experts on what is and isn’t suitable for R&D Tax Relief, as well as devising strategies for overcoming the obstacles and bureaucratic procedures associated with claiming tax relief.

Profit-making businesses can claim up to 24.7p for every £1 spent. Loss-making businesses can claim up to 33.35p for every £1 spent.

Ready to invest in your big idea? Contact a member of our team of UK R&D Accountants to see how much R&D Tax Relief you may be able to claim by calling us on +92 302 4012116 or emailing contact@leewopconsultancy.com for a no-obligation chat.


Chartered Tax Advisers

You’ll only get the best possible tax service from tax advisers who have passed the ATT (Association of Tax Technicians) and CTA (Chartered Tax Advisor) accreditations. At Leewop, we have a dedicated tax team separate to our accounting team. This ensures that your tax strategies are being managed by professionals with the latest training.


Patent Box

There are various costs that can be reclaimed under the scheme including:

The Patent Box scheme was introduced by HMRC in 2013 to provide a 10% tax relief for corporation tax rates, available for UK companies with patent rights or an exclusive license. The aim of the scheme is to encourage companies to locate high-value activities associated with the exploitation of patents in the UK through enhancing the competitiveness of the UK tax system for high-tech companies obtaining profits from patents.

A company must be subject to UK Corporation Tax to be eligible and must have made a significant contribution to the development of a patented invention, or a product incorporating the invention. This is a complex process and we’re here to help. Contact our team of tax experts to discuss how your organisation can benefit from the Patent Box tax relief scheme.


Why work with Leewop?

The procedures involved in assessing and reporting for R&D tax relief claims can be intricate and time-consuming. However, Page Kirk is equipped to handle all necessary tasks on your behalf, serving as your dedicated point of contact for any inquiries. We ensure that you operate in the most efficient manner possible, adopting a proactive approach to continuously improve your business.

At Leewop, our chartered accountants and tax advisers offer comprehensive guidance, relieving you of the burdens associated with your obligations so that you can concentrate on the day-to-day operations of your business.

  • A dedicated tax department with a wealth of experience and expertise
  • Tax consultants who are Chartered Tax Advisers, ensuring sound and up to date advice
  • Single point of contact so you aren’t being passed pillar to post
  • Reliable, professional, tailored and personal service
  • Digital expertise to deliver efficiencies through advanced technology solutions
  • UK -based tax advisers with national and international reach

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

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Transitioning to Leewop from your current accountant is a swift and straightforward process.

Leewop stands as a prominent accountancy firm in the UK, catering to clients nationwide. Regardless of your location, we are prepared to offer assistance. We'll allocate an accountant to aid in the growth and efficiency enhancement of your business. Contact us today to discover how we can assist you.

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