Growth Hive Uk

How to Claim R&D Tax Credits

Are you ready to explore the world of R&D tax relief and discover how it can benefit your business? Here you can find out how to claim research & development tax credits with our expert advice.

Let’s get started on the journey to boosting your innovation and growing your company.

Welcome to our guide on how to claim research & development tax credits in the UK. If you’re a UK limited company engaged in innovative activities, you may be eligible to benefit from substantial tax incentives.

The Benefits of R&D Tax Relief

R&D Tax Relief is not just a financial incentive; it’s a powerful tool that encourages and rewards innovation within businesses. By claiming R&D tax relief, your company can enjoy several advantages, including:

1. Reduced Tax Liabilities: R&D tax relief can significantly reduce your company’s tax liability, allowing you to allocate more resources to further innovation and growth.

2. Cash Rebates: For eligible SMEs, R&D tax relief can result in cash rebates, providing immediate financial support.

3. Funding for Innovation: By claiming R&D tax relief, you can free up capital to invest in research and development, creating a cycle of continuous innovation and growth.

Are You Eligible for R&D Tax Credits?

Not every project or company qualifies for R&D tax relief. To benefit from these incentives, you should meet certain criteria, including:

Engaging in Qualifying R&D Activities

Your project must involve activities that can be considered “R&D” for tax purposes. This typically means that you are solving scientific or technological uncertainties.

Do You Know How to Claim Research & Development Tax Credits?

Being a UK Limited Company

To claim R&D tax relief, your business should be a UK limited company liable for Corporation Tax.

In the following sections, we’ll walk you through the process of claiming R&D tax relief, providing you with the information you need to maximise your benefits.

How to claim research & development tax credits

Claiming R&D tax relief involves a series of steps, from identifying eligible activities to preparing and submitting your claim to HMRC. Our comprehensive process will take you through each step, in detail, ensuring that you don’t miss out on the benefits your innovation deserves.

Here at Growth Hive UK we have a team of in-house specialists with advanced qualifications in STEM subjects working on your claim. We have a stringent process that we follow when facilitating a claim to ensure the claim is not only maximised but to ensure the claim is watertight for HMRC to process.

Step 1 : No-obligation Call

Chat with our specialists regarding the work you have undertaken and we will advise on this call if we feel there are grounds for a qualifying claim.

Step 2 : Technical/Costing Call

We will conduct a call with your company to discuss the projects in more detail and what costs have been spent on the work undertaken. Once the call is concluded, our specialists will compile a technical report.

Step 3 : Costing Information

Once we have collated the relevant information to substantiate the expenditure claiming, our team will prepare the costs into a cost summary.

Step 4 : Submission

We will then prepare the necessary documents for HMRC to process. This includes submitting the additional information, preparing an amended tax return, and submitting this to HMRC, along with your cost summary and technical report.

Final Step : Claim Processed

Once the claim is submitted, HMRC should process your claim within 28 days and release any funds payable.