Are you one of the 90% of businesses owners that are not claiming the R&D tax relief you are entitled to? Perhaps you’ve heard talk about identifying your ‘scientific or technological uncertainty’ or finding your ‘qualifying costs’. And the unfamiliar terms have just put you off from the start. This is totally understandable. None of us have the time to invest in learning new tax language. Especially when we’re not guaranteed a return on that valuable investment.
Consider our R&D tax credits glossary your interpreter. Check the definitions to decide if you can take advantage of this excellent investment in your next innovation.
And if you’re wondering if it’s worth bothering about, use our free R&D Tax Credit Calculator to really see the potential for your business.
Why have you produced this R&D tax language guide?
Only 10% of companies with eligible projects are actually claiming the R&D tax relief they are entitled to. A major reason for this, is lack of knowledge. Either businesses have never heard of R&D tax relief, or they don’t thoroughly investigate whether or not it applies to them.
We think that it is part of our responsibility to make the R&D tax relief rules as accessible as possible. That is the motivation behind our production of this R&D tax language guide. It complements our other free guides for Research and Development Tax Credits, Patent Box, Video Games Tax Relief, EU Business Innovation Funding, UK Research and Development Grant Funding and the Research and Development Expenditure Credit Scheme (RDEC).
By delving a little deeper into the definitions of specific words and phrases, it lets you get to the heart of the matter more quickly.
Why do we need an R&D tax relief language guide?
The Department for Business, Innovation and Skills publish their own ‘Guidelines on the Meaning of Research and Development for Tax Purposes’. In paragraph two, its states its purpose: “In these Guidelines a number of terms are used which are intended to have a special meaning for the purpose of the Guidelines. Such terms are highlighted on first appearance and defined later.”
So there is the government version to refer to when you are reading the regulations for the different R&D tax relief schemes. We decided that we can clarify things a little more. Our guide is an alphabetical list of these terms with “special meaning”, written in everyday English. Once you have these building blocks, fitting them together into the wider R&D tax relief explanations makes much more sense.
You don’t have to go through the R&D tax relief claim process alone
With anything to do with tax, niggling away in the background, there is always the fear of being fined for making a mistake. We’re here to answer any questions you have about R&D tax relief. As well as our R&D free guides, we also have a comprehensive FAQs section online, with related information all gathered together in one place. Our blog articles are a mixture of particular industry sectors, specifics about the particular schemes and updates on current R&D policy changes.
You are also welcome to give us a call on 0330 0539 112, or drop us an email using the address email@example.com.
If you want to be certain of a 100% accurate and fully maximised R&D tax relief claim, we will take over and go through the whole process for you. We work with your company’s exiting accountant and take you all the way through from your initial query, to receiving your substantial cheque.