Two year window for claiming R&D tax credits

15th December 2021

The two-year window for claiming Research and Development (R&D) tax credit is about to close for Companies with upcoming year-ends.

Companies can claim R&D Tax credit for an accounting period ended within the past two years, which means that any company with (say) an April accounting date has until 30 September 2020 to potentially make a claim for qualifying expenditure incurred for the year ended 30 September 2018 and so on.

R&D Tax Reliefs provide companies with the opportunity to claim generous tax savings for their innovative activities.  Opportunities for making a claim are often overlooked, with business owners overestimating the level of innovation required to claim. Projects qualifying for R&D relief include those seeking an appreciable improvement in science or technology. To check whether you may be able to claim R&D Tax Reliefs, why not download shorts eligibility checklist?

So, if you are paying technical staff to solve technical problems there may be scope to claim if you are:

• Modifying a manufacturing process
• Developing bespoke software
• Creating a new product or improving an existing one

Eligible companies can obtain tax relief on qualifying expenditure either by reducing taxable profits or creating (or increasing) tax losses which can be sacrificed to HMRC in return for a cash repayment.

The relief available is very generous and an SME incurring £100k of qualifying costs could save in the region of £25k in tax. Shorts'  Radius specialists focus on quickly and concisely assessing a company’s eligibility to claim Research and Development tax reliefs. They will then ensure that your claim is completed as painlessly as possible, is compliant (we have a 100% success rate) and is maximised. 

So, if your business has a year-end that coming up, why not speak to a member of the Shorts' Radius team and find out just how easy it is to make your business's innovation pay or visit this resource library for more downloadable guides.  The Radius team;

• Includes an ex HMRC Inspector who specialised in reviewing and processing R&D tax relief claims - have your claim pre-checked before submitting
• Official R&D tax relief partner to the Sheffield, Barnsley & Rotherham and East Midlands Chambers of Commerce
• Claims prepared by true R&D tax relief specialists, not general tax advisers or accountants 
• Robust quality control procedures to ensure that claims are fully compliant
• Have never had a claim rejected by HMRC
• Download the Radius brochure