Coronavirus Recovery Planning: How R&D Tax Credits can Play an Integral Role in your Business Strategy
For many businesses, both large and small, the last few months have been a firefighting exercise, with focus set on dealing with the unprecedented situation created by the Coronavirus pandemic.
The large uptake of the Government’s job retention scheme and other emergency funding programmes show that companies have been at risk, with many unfortunate stories emerging of businesses scaling back or closing their doors completely.
For those companies that are continuing to ride out the storm, there is now a sense of urgency to form strategies to survive and thrive through the next phase: the potential economic downturn.
How Can R&D Tax Credits Form Part of this Strategy?
As always, our advice would be to investigate all forms of funding available to you but to consider R&D tax credits as one of those funding avenues.
All businesses understand the importance of maintaining a healthy cashflow, and R&D tax credits can provide significant sums of tax free and debt free working capital.
Whether your company has been hit hard with a downturn in sales, is looking to plug a gap that had been filled with the job retention scheme and other COVID-19 support packages or has projects that need funding, R&D tax credits can be a useful solution.
Make time for R&D tax credits
With the average SME claim value being £54,000, R&D tax credits can produce a vital cash boost.
However, companies can sometimes be wary of the time they need to invest to complete a claim. Current commitments, increased workload or a focus on other strategies, the latter of which may be the case for many businesses now, take priority. As such, some companies either delay the process or lose out completely.
We would simply ask you this; how long would it take for your company to generate £50,000, £100,000, £150,000 of retained income, after all expenses and taxes paid? How much time and manpower would be required to produce this result?
Selecting the right specialist for your claim is essential in order to ensure that the R&D tax credit claim process does not become a burden on you. A qualified and reputable R&D tax credit consultancy would absorb a lot of the workload and make the process simpler, guiding you through each stage.
How Do I Know if I Qualify for R&D Tax Credits?
In the past three years, has your company:
Created any new products, processes, services, software or devices?
Made improvements to any existing products, processes, services, software or devices?
If the answer is yes, you could be eligible for R&D tax credits.
For a free no obligation consultation to discuss the qualifying criteria, call us on 0330 223 4 223 or email hello@limestonegrey.com.
LimestoneGrey is a chartered R&D tax credit consultancy specialising solely in R&D tax credits.
