R&D Tax Credits

Bluebird Accountancy refers clients requiring R&D tax credit support to LimestoneGrey – a chartered consultancy specialising in research and development (R&D) tax credit claims.

R&D tax credits may sound complex, but LimestoneGrey will support you through the entire claim.

LimestoneGrey offers a free consultation to discuss your eligibility or any queries you may have. If you are interested in finding out more, please keep reading.

What are R&D tax credits?

R&D tax credits are a valuable government tax incentive created to reward companies who try to achieve something technically challenging. Their goal is to reward past and encourage future R&D spending, benefiting industry and the UK economy. R&D tax credits can reward profitable companies with a generous corporation tax deduction or provide loss making companies with a sizeable cash repayment.

They are available to any company in any sector.

Are you eligible for R&D tax credits?

To be eligible for R&D tax credit relief, firstly, your company must demonstrate they have a project that fits one of these categories:

• Create – Creating new products, processes, software, services or devices.
• Improve – Making appreciable improvements to existing products, processes, software, services or devices.
• Duplicate – Duplicating an existing product, process, software, service or device. For example, trying to reproduce a competitors’ breakthrough.

Within this project, you need to demonstrate that your company has taken a risk by showing that you were faced with technological or scientific challenges that required additional efforts to overcome.

The project doesn’t need to be successful. If you could not find a solution to these challenges and the project failed you could still make a claim.

What could you claim?

The expenses your company incurs in trying to overcome these scientific or technical challenges can form the basis of an R&D tax credit claim.

The following cost categories may be included:

• Expenditure on staff including gross salaries, employers NIC and employers pension contributions.
• Expenditure on agency workers.
• Expenditure on subcontracted R&D activities.
• Expenditure on consumables and materials (including heat, light, power and water).
• Expenditure on software.

How do claims work?

The claim process with LimestoneGrey is really straightforward and they’ll support you through every step.

• Introduction – if you would like to schedule a free consultation, please complete the short form on this webpage. A LimestoneGrey specialist will contact you for a chat about your claim and you’ll be able to discuss your qualifying criteria and the processes involved.
• The gathering of information – LimestoneGrey are committed to producing strong R&D tax credit claims. They’ll work closely with you to present the best possible case to HMRC.
• R&D Reporting – A thorough and technical report will be produced by a LimestoneGrey specialist that will meet HMRC’s criteria.
• Submission – LimestoneGrey will submit the claim to HMRC on your behalf.

Schedule a free consultation

LimestoneGrey offers a free consultation to discuss R&D tax credit relief and to see if you could be eligible to claim. Please complete the form on this page to schedule a free consultation, or contact your Bluebird Accountancy Account Manager.