As lockdown restrictions ease and businesses reopen, there is light at the end of the tunnel for companies that were forced to close during the height of the pandemic. Whilst there is optimism surrounding a return to normality, the virus has left thousands of firms with significant cash flow issues. Despite the economy opening back up, many companies will continue operating at a loss in the coming months even with lockdown lifting.
This is because revenue streams have all but disappeared for some firms for over a year and it will take a prolonged period to get the economy operating at an increased capacity again. Whilst the furlough scheme and bounce-back loans have provided financial relief for some organisations, the funding is usually insufficient to cover the escalating costs of utilities and other bills. Plus, there are limitations regarding where these funds can be allocated with many grants provided on the basis they are invested into pre-arranged projects. In many cases, loans must be paid back making them a higher risk exercise in the current uncertain economic climate.
One government-funded solution that hundreds of thousands of businesses are using is the R&D tax credit incentive. With R&D tax credits, you can improve the cash flow of your business by securing a cash award for work you have already done. The scheme has been running for over 20 years and aims to reward both profit and loss-making UK companies for their innovations. Despite the scheme’s benefits, millions of pounds are left unclaimed every year due to a lack of awareness surrounding the scheme and its qualifying criteria.
To qualify for the scheme your firm must have spent time improving products, processes, and services or improving new ones. You can backdate your claim up to 2 years and eligible R&D projects include:
At randd uk, we have been R&D tax credits specialists for over 13 years. Since starting in 2008, we have secured over £150 million pounds for our clients, submitted over 3000 claims, and upheld a 100% success rate. Our team includes fully chartered accountants, technical experts, and industry specialists with decades of experience across a range of sectors. We have many clients across the midlands and our central Derby location means we can easily visit our clients across the region to gain a better understanding of their business. Additionally, we maximise claim sums in the minimum time by spotting eligible projects that would be otherwise overlooked.
If you think you could qualify for an R&D rebate from HMRC, contact randd uk today on 01332 477 070 or email us at firstname.lastname@example.org and our team will be happy to help to see if you are eligible. There are no upfront costs and a brief phone call with one of our experts is enough to discern your company’s eligibility.
Visit our website’s calculator to see how much your potential claim could be worth.