With the unprecedented Coronavirus outbreak affecting most businesses, it isn't a surprise to hear that cashflow concerns are at the forefront of many business owners minds. Many businesses will struggle to get through this, and even with the Government's introduction to various measures - many businesses just can't get the cash quick enough.
That being said, R&D claims are being paid out by HMRC really quickly now, in comparison to usual times - and here's where we can help: While HMRC statistics show many industries in the UK are waking up to the benefits of R&D tax credits, the potential is far greater.
Numerous businesses are either not aware of R&D tax credits, incorrectly believe that they do not qualify or feel that they lack the necessary experience to submit a claim. Many companies are not claiming or not maximising their full legitimate entitlement, yet they are conducting qualifying R&D activities for R&D tax relief purposes on a daily basis, without even realising it.
What may seem as typical day-to-day challenges in the office may qualify, and if they do - it is an incredibly quick way to plug some cash back into your business, at a time where you need it most. In this webinar, ex HMRC officer and Tax Partner - Neill Staff spoke through what projects can qualify for R&D and how we can help you claim for R&D tax credits - quickly.
At Raffingers, we submit around 100 claims each year and, to date, we have a 100% success rate so receiving tax repayment notifications is quite a common event. Since 2015 we have identified qualifying R&D expenditure for clients in excess of £28million pounds and have also secured R&D tax savings and repayments for clients in excess of £5million pounds.