Entirely North West


Thursday October 26 2017

R&D Tax Credits - Have you applied?

R&D Tax Credits - The Statistics

Laura Evison

LAURA EVISON | Marketing Coordinator

R&D Tax Credits - Have you applied?

HM Revenue and Customs (HMRC) have recently revealed the national statistics for Research and Development (R&D) Tax Credits claims across the UK and these prove an interesting read.  Haines Watts Liverpool are encouraging all businesses across the region to take advantage of what could be a very valuable tax reduction or cash refund, in reward for their innovative work.

R&D Tax Credits are one of the most valuable forms of tax relief available to SME’s and was implemented to encourage more investment into innovation across the UK.  Your company can make a claim providing it is liable for Corporation Tax.  The liability is then reduced by an amount equal to a percentage of the company’s allowable R&D expenditure.  A company with no tax liability can still make a claim to receive a cash payment.

Dave Waddington, Tax Partner at Haines Watts Liverpool, said “Although more and more businesses by the day are taking advantage of the savings available, these statistics highlight an opportunity for those companies that have yet to make a claim to do so sooner rather than later.”

There has been a common misconception in the past that R&D is only available to specific sectors, this is incorrect.  The truth is that any limited company that can show they are making improvements to their products, processes or services are eligible to qualify for R&D Tax Credits.  The guidelines define this as a collection of ‘activities conducted to a method or plan in order to achieve an advance in science or technology’.

Dave Waddington continued “It is due to this lack of understanding and guidance surrounding eligibility, that there are still so many businesses in the North West, missing out on what could prove to be a substantial amount of tax relief.”

Although the main industries who apply include manufacturing, information & communication, professional and scientific & technical, (together making up 73% of claims made and 75% of the total amount claimed during the 2015/2016 year), there are many other industries who have been taking advantage of R & D tax relief.  Yours could be one of them!

Dave Waddington added: “The majority of businesses in most sectors are eligible for the savings available.  We would urge you to get in touch with us to discuss the opportunity of a claim as soon as possible.  In particular, if you have recently enhanced your products, explored new materials, improved efficiencies or solved any technical issues.”

Haines Watts Liverpool works with a large number of diverse businesses, not only within the North West but nationally.  We have so far helped hundreds of businesses save millions of pounds.  With our office at the heart of Liverpool City Centre and the fact we offer a full range of services to all owner-managed businesses, including Accountancy, Audit, Tax Compliance and Payroll, we are here to help you with the successful and efficient growth of your business.

"The majority of businesses in most sectors are eligible for the savings available."
Dave Waddington

DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.

Discover our Industry Magazines

Discover our UK Regional Magazines

North West Business News, Jobs and Events | Entirely North West UK
East of England Business News, Jobs and Events | Entirely East England UK
Ireland Business News, Jobs and Events | Entirely Ireland
London Business News, Jobs and Events | Entirely London UK
Midlands Business News, Jobs and Events | Entirely Midlands UK
North East Business News, Jobs and Events | Entirely North East UK
Scotland Business News, Jobs and Events | Entirely Scotland
South East Business News, Jobs and Events | Entirely South East UK
South West Business News, Jobs and Events | Entirely South West UK
Wales Business News, Jobs and Events | Entirely Wales
Yorkshire Business News, Jobs and Events | Entirely Yorkshire UK

BW Macfarlane Chartered Accountants

BWMacfarlane are one of the leading, independent chartered accountancy practices in Liverpool. BWMacfarlane provide a wide range of accountancy and business support services to organisations and individuals throughout the North of England and beyond.

Laura Evison

Marketing Coordinator

Career focussed, dedicated, committed, motivated and passionate in everything I do.

Greystone Financial Services

Financial Services and Investments

Greystone Financial Services is an integrated wealth management group comprising financial planning and advisory services, and in-house fund management. We are a Chartered, Top 100 IFA firm, currently managing over 1 billion of assets on behalf of our clients. Many of our advisers and Directors have been with the firm since its inception in 1989. Greystone Financial Services is an extremely stable business, having adopted the recurring incomefee based operating model as far back as 1995.

Lucas Johnson

Insolvency Practitioners with a difference - we GUARANTEE to deliver a solution to your problem. The solution will be right for you to achieve your objectives. We cover the entire North West, so wherever you are we can serve your needs.

Hallidays Chartered Accountants and Business Advisors

Hallidays Chartered Accountants and Business Advisors were established in 1843 in Manchester and now situated, since 2008, in modern, purpose built offices next to the M60, Stockport and have 60 dedicated team members.