R & D Tax relief

Discussion in 'Accounts & Finance' started by Impounded Car Insurance, Aug 28, 2018.

  1. Impounded Car Insurance

    Impounded Car Insurance UKBF Newcomer Free Member

    25 2
    Hi there,

    Does anyone have any experience of claiming R & D tax relief?

    I'm looking in to doing this as we've had a system developed in house, can anyone provide any guidance or point to some useful guides please?

    Thanks
     
    Posted: Aug 28, 2018 By: Impounded Car Insurance Member since: Jun 27, 2016
    #1
  2. SteLacca

    SteLacca UKBF Enthusiast Free Member

    941 178
    Posted: Aug 28, 2018 By: SteLacca Member since: Jun 16, 2016
    #2
  3. Paul Norman

    Paul Norman UKBF Ace Free Member

    2,302 671
    We have received an R & D tax credit for 2 of the last 3 tax years for our business.

    Our accountant handled it, though. We did most of the work - writing up justifications and producing the numbers, but under the accountants guidance.

    I think, without the accountant, I might not have achieved the credit!
     
    Posted: Aug 28, 2018 By: Paul Norman Member since: Apr 8, 2010
    #3
  4. JCresswellTax

    JCresswellTax UKBF Contributor Free Member

    76 5
    I can recommend a specialist firm to deal with it, it is very difficult to deal with on your own and I wouldn't recommend it. Pm me if you want details.
     
    Posted: Aug 28, 2018 By: JCresswellTax Member since: Dec 11, 2017
    #4
  5. GillespieBS

    GillespieBS UKBF Regular Free Member

    341 50
    If the system that you have created is a fixed asset/capital item then chances are that you will not get any benefit from doing an R&D claim. Some of the specialists are saying that you get a capital allowance on it and therefore still charge you a percentage however you may have got this allowance anyway (Annual Investment Allowance) without paying any extra to an accountant.
     
    Posted: Aug 28, 2018 By: GillespieBS Member since: Apr 11, 2008
    #5
  6. SteLacca

    SteLacca UKBF Enthusiast Free Member

    941 178
    @GillespieBS - The nature of the end product has no bearing on whether or no R&D relief or credit is available. This is determined entirely by the journey to get to the end product.

    Provided there is a technical or scientific uncertainty to overcome that could not be easily deduced by a suitably qualified professional in the field, then the project will qualify for R&D. The issue of capital allowances relates to capital expenditure in the course of that R&D, which will not, typically, be the total of the costs. More often than not (and certainly consistent across the claims that I have prepared), the largest cost tends to be manpower (salaries, contractors etc.)
     
    Posted: Aug 30, 2018 By: SteLacca Member since: Jun 16, 2016
    #6
  7. Huque Chaudhry Associates

    Huque Chaudhry Associates UKBF Contributor Free Member

    32 3
    Hi - we have experience in R & D Projects through our partner company. They charge between 22 and 25% dependent on your project. Send a message through if of interest. :)
     
    Posted: Sep 5, 2018 By: Huque Chaudhry Associates Member since: Dec 23, 2015
    #7
  8. Neil Lukins

    Neil Lukins UKBF Newcomer Free Member

    18 1
    We work with various agencies that do all the work for you.

    DM your details and I can get someone to call you to explain the process.

    Neil
     
    Posted: Sep 5, 2018 By: Neil Lukins Member since: Sep 7, 2017
    #8
  9. Impounded Car Insurance

    Impounded Car Insurance UKBF Newcomer Free Member

    25 2
    Thanks for the input everyone!
     
    Posted: Sep 9, 2018 By: Impounded Car Insurance Member since: Jun 27, 2016
    #9
  10. Popyzo

    Popyzo UKBF Newcomer Free Member

    6 0
    I recently requested quotes for this. The best I got was 12%. I then managed to negotiate it down to a flat fee.
     
    Posted: Sep 11, 2018 By: Popyzo Member since: Jun 16, 2017
    #10
  11. Highland Spring

    Highland Spring UKBF Regular Full Member

    136 9
    12% is good, a lot of accountants charge 30% even!
     
    Posted: Sep 16, 2018 at 1:49 PM By: Highland Spring Member since: Jan 20, 2018
    #11