As a full-service firm and experts in our specialism, Bishop Fleming act for businesses of all sizes in their Research & Development (R&D) tax claims, enabling funding innovations and cash injections. We are a member of the ICAEW and CIOT and we pride ourselves on our effective processes, conducted in a Professional Conduct in Relation to Taxation (PCRT) compliant manner which enable us to build rewarding long-term relationships with clients rather than quick wins.
We will act as your trusted adviser, making the process far easier for you.
What are R&D Tax Credits?
R&D Tax Credits are available to be claimed by limited companies engaging in R&D qualifying activity through the Corporation Tax Return submission process. This means enhanced tax relief for innovative companies, either by reducing taxable profits or increasing tax losses which can be surrendered to HMRC for cash.
Companies claiming R&D tax credits can effectively subsidise their development costs which in turn enables them to dedicate more resource to furthering their innovation.
Why should I claim R&D Tax Credits?
Eligible companies should claim R&D tax credits because the relief is lucrative and directly designed to incentivise innovative companies to further the British economy.
HMRC take roughly 4-6 weeks to process R&D claims and issue cash repayments when losses are surrendered.
Any cash repayment due from your R&D Tax Credit claim (whether a repayment of tax already suffered or a surrender of losses) will be paid directly to the company's bank account, ready to fund further innovation
When can I claim R&D Tax Credits?
Companies wishing to claim R&D Tax Credits have to submit an Advance Notification Form if:
- claiming R&D tax relief for the first time, or
- the last claim was made more than 3 years ago.
See our article: R&D tax claim notification - do I need to act now?
