Frequently Asked Questions
Isn't research and development all about men in white coats?
Shouldn't my accountant deal with this kind of thing?
You’re accountant in an important part of the claim process and we work closely with them.
Whilst most would expect their accountant to deal with R & D as a matter of course as it is intrinsic to Corporation Tax, the fact is that the R & D Tax Credit system is highly technical; requiring a high level of understanding of both the workings of the business and the technical aspects of the claim. It’s unlikely that an accountant would be in a position to adequately answer HMRC’s questions about those technical aspects.
Doesn't my project need to be a proven success first?
Work in progress, or even shelved projects can still qualify for significant funding.
My company is only small, I don't think the claim would be worth while.
R & D funding was created by the Government as a way of rewarding limited companies of ALL sized to grow and develop as businesses.
My business doesn't do research and development.
Almost all companies strive to make appreciable improvements to their business processes. Such improvements might be in the way products are produced, or services delivered, IT, or the way that customers are dealt with.
Businesses in sectors as diverse as engineering, printing, signwriting, brewing, even taxi companies have all enjoyed successful claims.
We are loss making so don’t qualify.
Even loss-making companies can qualify under the R & D regulations.
Usually the benefits are paid by HMRC in the form of a cash lump sum.