R&D Tax Claims Hit New High. Are you missing out?
The number of businesses claiming tax relief on Research and Development (R&D) has increased significantly, with the latest figures indicating a 24% rise in claims since last year.
The big question is, could you be eligible to make a claim?
The scope for identifying R&D is huge – in fact, it exists in every single sector and the HMRC R&D criteria is broad and far-reaching. In general, if you have spent money developing new products, processes or services; or enhancing existing ones, you could be eligible for R&D tax relief.
It’s easy to overlook the idea of R&D claims, thinking they are only applicable to large businesses or businesses investing significant sums.
However, many businesses may in fact be eligible to claim – especially since the original minimum R&D expenditure of £10,000 was removed in April 2012. This has opened the door for SMEs to claim back vital funds, and with the average SME claim in the UK coming in at £53,876 (2016-17), what are you waiting for?
Although many companies claim to be able to help with R&D claims, few actually have the knowledge and expertise.
The team at Stafford & Co have achieved great success for clients. One of our happy clients is Ben Griffiths of Clever IT, who we helped to reclaim over £8,000:
“Before speaking to Stafford & Co, I was unaware of R&D tax relief. However, they quickly explained how and why I would be eligible for this and efficiently put the claim together for me and submitted it to HMRC. I was over the moon, to find out that our claim had been successful, and I was reimbursed over £8,000. Thanks again Stafford & Co”.