R&D Tax Credit
R&D TAX RELIEF AND CREDITS
The only constant is change, and an ever-evolving environment demands a culture of innovation. The UK government has invested in increasing both the quality and quantity of Research and Development, both to attract foreign direct investment and to encourage domestic R&D activity.
R&D tax credits allow companies to reduce their tax bill or receive a payable cash credit based on a proportion of their R&D expenditure.
The R&D tax credit initiative is complex and the requirements change regularly. Leyton can simplify the process for you. Working in partnership with your teams we can identify the maximum R&D potential claim for your business, then produce the technical report required to enable you to submit this claim to HMRC.
‘Tax doesn’t need to be taxing’
At Leyton we take the pain out of your R&D tax claims.
"Without Leyton's involvement, our claim wouldn't have been nearly as substantial. Their approach has made a fantastic difference to our business" - Colin Mear Engineering.
How does it work
- The SME R&D tax relief scheme is aimed at companies with under 500 employees and either under €100m annual turnover or €86m in assets.
- Profitable companies who qualify under the SME criteria can receive 25% of their research & development investment back as a reduction of their corporation tax liability.
- Large businesses, those companies with over 500 employees or €100m turnover, access the funding via the RDEC scheme. This enables large companies to claim up to 12% as an expenditure credit. This does not exclude them from accessing any other funding or grants schemes.
- The final decision about which activities qualify and what can be claimed lies with HMRC.
- Leyton works closely with HMRC and our Managing Partner advises HMRC’s Consultative Committee on the R&D tax scheme and how it should continue to evolve.
- This relationship ensures Leyton are best placed to act and be prepared for any legislative changes to the scheme and pass this insight on to our clients through the claim process.
- We are technical experts above all else, unlike most accounting firms, Leyton are not just experts in the world of tax, although we have qualified accountants and tax specialists, who work alongside our technical consultants who understand your business, both operationally and financially.
- Our technical consultants are required to have worked or studied in their specific area of expertise in a previous capacity. This ensures they are fully aware of the challenges our clients face. This combination of technical experience and an unparalleled knowledge of the Research & Development tax credit scheme leads to much greater tax savings and a more efficient process for the client.
To find out how Leyton can support your business, contact us today.