What are R&D tax credits?

Research and Development (R&D) tax relief is a government incentive aimed at encouraging innovation and rewarding companies that invest in it.

HMRC defines R&D as activities involving the creation, modification, or improvement of a product or service, or solving problems without existing solutions. The work should aim to advance the field of science and technology.

Introduced in 2000, R&D tax credits offer financial support to eligible companies, helping them grow their teams and further their research and development efforts through refunds, corporation tax reductions, or cash payments.

The team at PSS are experienced in understanding the qualifying criteria for companies wanting to undertake an R&D claim, ensuring compliant claims are made and helping businesses understand the process involved

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R&D Tax Credits

You may be able to claim Corporation Tax relief if your project meets the HMRC definition of R&D. Many businesses don’t realise they qualify for R&D tax credits or that they are not claiming their full entitlement.

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Capital Allowance

All commercial property owners who are UK taxpayers may be eligible to claim Capital Allowances tax relief. Your eligibility depends on several criteria.

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Partner Programme

Add value and increase client loyalty by partnering with an R&D tax specialist. We are driven to provide exceptional service and achieve the best possible outcome.

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Payroll Processing

These services are designed to help manage financial processes, ensure compliance with regulations, and provide accurate financial information for decision-making.

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Bookkeeping

These services are designed to help manage financial processes, ensure compliance with regulations, and provide accurate financial information for decision-making.

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Capital Allowances claim process

Step 1: Scoping Call

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Step 2: Entitlement Check

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Step 3: Review Property Documentation

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Step 4: Financial Analysis

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Step 5: Site Survey

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Typical Claim Process and Timeline

Today - Consulting introductory call

A conversation to understand if you are eligible for R&D tax relief.

One Week - Begin the process

Collection of technical information to support your claim.

Two Weeks - Cost collection exercise

Technical analysis to determine how the claim meets the criteria outlined in the DSIT guidelines.

One Month - Submit report to HMRC

Finalised package to be submitted to HMRC - this will include the technical and financial aspects of the R&D tax claim and filing of additional information form by PSS (AIF).

Three Months - Receipt of money from HMRC

HMRC’s stated aim is to pay 85% of payable tax credits within 90 days.

FAQ

Questions That We Are Asked Most Often

Is my business eligible for R&D tax credits?
Who qualifies for R&D tax credits?
What counts as R&D?
What costs qualify for R&D tax credits?
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How much is an R&D tax credit claim worth?
R&D tax credit rates
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