08:30 — 11:00
R&D Tax Credits demystified
Sensor City and G by Grant Thornton are pleased to be running this R&D Tax Credits session.
The latest figures show that last year 22,000 SME’s in the UK accessed over £1.3 billion through the R&D tax credit regime. Yet there is still a belief that the relief is being under claimed due to lack of awareness and perceived complexity in the claims process.
In this session Matt Foddy (Senior Innovation Tax Manager at Grant Thornton) will demystify the process around claiming R&D tax credits by covering:
- pragmatic approaches to preparing claims
- risk areas to be aware of
- ways to ensure your claim is maximised.
- 8:30am – Registration
- 9am – Start
- 10:30am – Networking
- 11am – Close
Places are limited for this free event, so please sign up early to avoid disappointment.
Matt says: “There certainly is still a lack of awareness and understanding about the relief. I meet a lot of businesses that don’t realise the extent to which the product development, process optimisation or systems development work they’ve been doing can qualify. The starting assumption would be that any company accessing support through Sensor City will be undertaking a qualifying R&D activity which should make them eligible for the relief. Also, often companies that are claiming the relief aren’t claiming all they could.
“Our job is to help our clients understand how what they have done fits within the rules, helping them form a view on whether, and to what extent, they’ve done R&D. It’s also to help them capture the right information, and then manage the claims process and make it as simple as possible so that it isn’t in any way complicated, onerous or frustrating for the company.
“It is a great scheme and is different to most tax reliefs in that it doesn’t just reduce a company’s tax burden, but can also lead to cash payments from HMRC for companies that don’t have profits. The process of claiming a cash credit can be more straight forward than claiming many forms of R&D grant, and companies often find they are eligible to claim in respect of things they’ve already done, and expenditure already incurred. In these cases it’s simply a case of preparing the paperwork and payment can usually be secured within a month of submitting the claims.”