According to The Business Desk, banks lent businesses almost £36bn in 2020. The prime reason behind the majority of the loans were organisations looking for a cash injection to survive the pandemic and beyond. The predictions for business lending levels this year are currently sitting at just over £19bn. The decrease has been predicted due to the ability for a return of some form of normality and the gradual easing of restrictions. However, survival for a lot of these businesses will come with a cost, in the form of debt. But, if you’re looking to grow your business in the future, are there alternative forms of business finance that can help you venture to where you want to get to, without dipping into the red?
Read on to find out how R&D tax credits can help you to realise a greater potential for your business and take it to the next level.
What are R&D Tax Credits?
R&D tax credits, or relief, is a source of income that not many businesses know about. And generally, if they do know about them then they think it’s a scam or they’re unsure of how to apply and maximise the potential claim value.
If your business has been a force for innovation and developed new products, services or process, then you could be eligible for R&D tax credits or tax relief. Your innovation has helped to drive your industry and the wider community forward and so the credits or relief are a reward from the government for your innovation. It’s credit where credit’s due.
How do I apply?
Innovation comes in all shapes and sizes and so the eligibility criteria for R&D tax credits is broad and open to interpretation. Specialist firms, like us, are able to look at your business with a holistic view and determine how best to package up your claim to maximise your return.
To be eligible, you only need to meet two criteria:
1. Be a limited company in the UK that has to submit a Corporation Tax return
2. Have invested in developing new or refining existing products, services or processes
As R&D tax specialists, we will handle the initial calculations and entire application process, right through to making the claim. Although the eligibility criteria may be broad, packaging up your project into a successful specific claim can be a complex process and that’s where our expertise comes in.
What’s the cost?
You might be wondering why we don’t have a claims calculator on our website, where you’d be able to find a quick and generic answer to that question. We truly believe that all businesses are as unique as our own fingerprints and so we don’t put them into boxes. We’re not in the business of guesswork and no two claims will be the same. We want to build relationships and trust with our clients and so we take a deep dive into their business and get to know how they work. We focus on building partnerships, not one-off quick wins so that we can help you make the most of your R&D tax credits now and in the future.
We are always upfront about our costs and there will never be any hidden or unexpected charges coming your way. We don't charge for a chat, we want to get to know your business and decipher what parts may be eligible for R&D tax credits. We don't even charge if we process an application for you and it is unsuccessful. We only charge fees once your claim has been accepted and the cost will vary depending on the type and scale of the claim.
What’s next?
Our dynamic and flexible approach to our clients means that we are able to support them at all stages of the claim process. We're here to give advice and guidance that can help drive the business to places our clients may not have even thought possible. Our team have years of experience specialising in R&D tax credits so you couldn’t be in safer hands.
We’d love to open the door for a conversation with you today about how you can grow your business with an alternative form of finance, R&D tax credits. The tax credits can be so powerful and trigger huge transformations for our clients. Reach out to us today and tell us about how your business has pushed forward with innovation and let’s see where we can venture together.