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Markel Tax

27 Mar 2020

COVID-19: The time to apply for R&D tax relief

The rapidly developing coronavirus (COVID-19) situation is causing unprecedented global disruption. The UK is facing difficult and worrying times with the spread of the virus and increased risks and uncertainty to our health, wellbeing and businesses.
 
We are fully committed to supporting our network of accounting partners and clients in this difficult time and want to remind our referral partners that clients should review the availability of the R&D tax scheme to see if they qualify for a cash payment or a reduction of tax. 
 
This is a government-backed scheme implemented by HMRC which is largely under claimed in the UK.  Businesses may qualify for the scheme if they have undertaken the development or improvement of new products and/or processes, including any significant spend on internal operational software development and integration.
 
Identifying and claiming the full potential of R&D tax relief can help businesses with the much needed financial support to keep going, offering a life line for businesses during this period of turbulence and uncertainty.
 
March is also one the most popular year ends for companies across the U.K and thousands are thought to still be missing out on their entitlement to R&D tax relief.

There may be a number of your clients who could miss out on a year’s worth of R&D expenditure and a relief of up to 33%, (up to 33p for every £1 spent) if they are  not contacted as a priority.
 
Last year our technical experts made 750 claims for clients across a range of sectors including:
 
Automotive Pharmaceutical Travel Construction 
Aviation Printing Clothing Agriculture
Cosmetics Energy harnessing Fire safety Fintech
Food and drink Software Marine Architecture


Our process is simple and effective without the need for a face to face meeting and can be summarised into the following key steps:
  1. Establish that there is a claim to be made on an initial phone call with the client
  2. Collaboratively tease out the areas that are qualifying
  3. We articulate a robust technological argument
  4. We compile into an appropriate format for HMRC submission
  5. Effectively liaise with HMRC
  6. The client will receive payment from HMRC or agree to a tax credit
If you have any further questions or concerns, please do not hesitate to either email me or call Markel Tax on 0333 920 5708.
 
Our COVID-19 Hub contains a range of information and resources to best support our clients during this difficult time. To receive the latest news and insights by email sign-up here.
 
 
Tagged R&D tax relief COVID-19
Next article in series

27 Mar 2020

COVID-19 and IR35: Should your clients relax now the legislation is postponed?