Black Country Companies Missing Out on R&D Tax Refunds
09 Feb 2018
Published in: Member News
R&D Tax Claims Limited, experts in securing Research & Development tax savings, is concerned that local businesses including Black Country Chamber members, are missing out.
Research and Development (R&D) tax credits are a government tax relief that rewards UK Limited companies for investing in innovation. So, companies that spend money developing new products, processes or services, or enhancing existing ones, are eligible for an R&D Tax Credit and/or a Corporation Tax refund under the scheme - with the average payout to SMEs over Â£61k per year.
Managing Director of R&D Tax Claims, Mark Evans explained: "Far too many companies are not claiming due to the misconception that they are not eligible, or the process is too complex or time consuming.
"Working with marketing agency Reech Media, we have launched a new website that encourages businesses to make a claim. The new website includes a simple eligibility questionnaire, and details of how quick and easy the process is.
"We are keen to get the message out to Black Country Chamber Members that our no-win, no-fee promise is a genuine one, as we only get paid once our client has received their tax refund or R&D Tax Credit."
Smethwick-based precision engineers A&M EDM Limited, has been working with R&D Tax Claims since 2012 and has secured over Â£400k in tax savings.
A&M, Managing Director, Mark Wingfield commented: "We have always been committed to reinvesting in our business - creating new jobs and opportunities for the next generation of skilled engineers. However, our accountant did not view this as eligible activity, and had dismissed the opportunity to make a claim under the HMRC scheme as too difficult to prove, time-consuming and costly.
"It wasn't until we met with Mark Evans from R&D Tax Claims that we quickly learned that we were eligible, and after this initial meeting we received our first tax refund in under 2 months. The process was quick, simple and efficient.
"The Â£400k we have received in tax savings has allowed us to further expand our capability to solve larger and more complex challenges, for our clients."
Mark Evans, explains further: "We have a 100% record of success with R&D tax claims for manufacturing and engineering firms.
"Our success is a result of our expertise - a combination of genuine manufacturing sector experience and a detailed understanding of the relevant HMRC scheme. In our experience, too many companies fail to achieve the maximum refund, or a refund at all, as whilst they know their business, inside and out, they are unable to translate this into a report that clearly documents eligible expenditure. Conversely their accountant may understand the HMRC scheme, but may not have the industry knowledge to identify qualifying projects.
Importantly, our service includes preparing the report and liaising with HMRC, and we only get paid once the client has received their tax saving, making it risk-free."
To find out more visit www.rdtaxclaims.co.uk or call 0845 003 0140.
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