Barnsley & Rotherham Chamber members could benefit from tens of thousands of pounds in Corporation Tax savings for their innovative work through the government’s generous R&D Tax Reliefs scheme.
R&D tax relief rewards and incentivises innovative companies, both SMEs and larger businesses. Radius is a unique service designed to ensure businesses can claim their full entitlement to this generous, government-backed relief.
Radius will apply a simple three-stage approach to prepare a robust claim that maximises the tax relief available to your company.
Chamber members can check their eligibility for R&D tax reliefs for free using the Radius R&D eligibility checklist.
R&D tax relief is very generous, and an SME incurring £100k of qualifying costs could save in the region of £25k in tax. Large companies can claim the Research & Development Expenditure Credit (RDEC) at 13% of the qualifying expenditure.
Claims can go back two financial years, so first-time claimants can particularly benefit.
Members can also claim Patent Box Tax Relief, which allows them to pay a lower corporation tax rate of 10% on profits deriving from patented products or processes.
Radius has already helped Barnsley & Rotherham Chamber members save over £700,000.
This is how Radius helps clients secure the maximum relief available, while promising reassurance and minimum fuss for the business itself.
Projects that qualify as innovative will have attempted to achieve an advance or an appreciable improvement in science and technology.
It must also have encountered and attempted to overcome technological or scientific uncertainty.
Finally, it must be something that could not be easily resolved by a competent professional in the field.
Innovative projects include the development of new and improved products, improving manufacturing processes, or creating new software solutions.
Many companies don’t realise they qualify for this generous tax relief – but it’s easy (and costs nothing) to find out!
Chamber members can learn more about these qualifying projects, and how much tax they saved, in the free Radius R&D tax relief case study guide.
The UK government is rewarding companies that are innovating in science and technology. R&D is important for all businesses, as it drives improvements in products or processes, and it benefits the wider economy through scientific and technological advances. One of the ways they encourage innovation......
