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Part three: your ‘when’ questions answered

Here at Easy R&D, it’s our mission to make sure you’re not one of the businesses missing out on claiming back 33 pence of every £1 spent on R&D projects — even the unsuccessful ones.

That 33% can quickly rack up to thousands of pounds to put back into your business to spend however you choose.

We’ll keep the time and effort you put into claiming to an absolute minimum. We’ll do all the time-consuming work so that you can get back to doing what you do best.

In a bid to make the world of R&D tax relief clearer and put money straight back into your business, we’re taking things back to basics with who, what, when, where, and why.

In the third of a series of FAQs, we simplify the answers to some common ‘when’ questions.

When were R&D tax credits introduced?

The government incentive to encourage scientific and technological innovation has been around since the year 2000. The scheme allows companies investing time and effort into research and development (R&D) to receive tax credits. The government has pledged to run R&D tax credits until 2032.

When does R&D take place?

During the development of new products, processes, software or services — or changes to existing ones. Or as HMRC’s puts it:

“R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology. The activities which directly contribute to achieving this advance in science or technology through the resolution of scientific or technological uncertainty are R&D”.

When can I claim R&D tax credits?

Any time, but we suggest claiming at the end of your accounting period so that we can look at everything. You can claim back up to two years before the end of your 12-month accounting period.

When can I expect to receive the benefit?

This is the good bit. HMRC aim to review a claim within 28 working days and pay within a few weeks later. You’ll receive your tax relief in the form of a reduced tax bill or lump sum. We’ve even helped clients reduce their corporation tax to zero.

Get in touch, and we’ll discover if you’re eligible for the government’s lucrative R&D tax relief scheme. 

 

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