What is the HMRC R&D tax credit/rebate scheme? An EU initiative allowing companies to recover development costs invested in innovative product and manufacturing processes. almost £1.1bn has already been given back to UK companies during 2010-2011, over £7.0bn since 2000.More than 10,000 companies benefited for the last financial year, an increase of + 8.4%, receiving £40,000 on average.
SME claims rose in number by 9.6%, and large company claims by 5.5%. However, 150,000 potentially qualify. Average time to cash is 42 days from claim filing.
What is R&D?
The breadth and scope of what qualifies for the Governments R&D Tax Credit scheme is far greater than people think!
If you are involved in any of the following:
• Innovation and continuous improvement
• Designing and producing new products
• Changing the way you make products
• Adding value to your products and manufacturing processes
• Development projects that didn't go into production
• Making environmental improvements
• Developing in house software
• Have less than 500 employees (more and you fall under the large company scheme)
• Been a UK Limited Company for 12 months
• Managing PAYE and making National Insurance Contributions
GGTC have a 100% success rate on all client claims
We are the largest handlers of SME R&D tax credit scheme claims, and are an established, nationwide, single focused company that has processed over £25m of R&D tax credit claims for hundreds of clients.
Our association with Accountants is an important part of our business and we help to identify their clients that qualify and then prepare the claim, including a comprehensive technical report to file with HMRC.
Find out more at the Chamber's event R and D Tax Credits: Use it or Lose it on 13th November, 930-12pm, Bedfordshire Chamber of Commerce, Kimpton Road, Luton.