As businesses prepare themselves for a New Year of tough trading conditions our R&D tax specialist Denise Roberts encourages businesses to look again at R&D Tax Credits. For SME’s the cash back option of 25p for every pound spent on R&D can provide a useful cash boost. Also the cash back is no longer capped by the amount of PAYE/NIC the business is due to pay and the requirement for a at least £10k of spend on R&D has also gone.
Further good news on R&D Tax Credits was announced by the Government before Xmas in providing an R&D cash refund scheme for large companies which will provide a repayable credit of 9.1% for those companies making losses.
As this relief will not only be available to large companies but also for small and medium sized companies then those who have not been able to claim cash back because their costs have been subsidised eg grants or subcontracted should now check whether 2013 could bring a 9.1% cash benefit.
To maximise the relief it is first important to check whether you are an SME or Large Company.
SME – No more than 500 employees and either turnover of not more than Euros 100million or Balance Sheet Euros 86million. If you don’t meet this definition then you are not an SME.
If you want to take advantage of a free consultation then please contact Denise at email@example.com or call her on 01656 867167.