Is your firm missing out on eligible tax relief?

If you run a manufacturing company, did you know you could be losing out on thousands of pounds of corporation tax relief?

 

Many costs related to research and development work are eligible for tax relief, but despite a campaign launched by the HMRC last year, many businesses are still unaware that refunds may be available.

 

So could your company be missing out?  To be eligible for an R&D tax relief, a firm must meet the following minimum requirements:

 

- It must be a limited company
- It must have been trading for at least one year
- Its turnover must be below 100 million euros
- It must employ fewer than 500 staff
- Its National Insurance and PAYE payments must exceed £20,000 a year

 

Spiral has linked up with R&D Tax and Grants Ltd, a company set up by accountancy firm Tildesley Tonks, to offer a free review for manufacturing business owners.

 

The scheme operates on a no-win, no-fee basis, and a successful claim can date back two years, if a business can prove it was involved with the project over that time.

 

Mark Evans of R&D Tax and Grants says that many eligible firms don’t realise what they can claim back as R & D costs.

 

“Many businesses don’t believe what they are doing is R&D - they just put it down to basic engineering, nothing fancy.

 

“But they are surprised when we explain that they are eligible, and what they can claim back for.”

 

"Our service is a one-off exercise to get tax back for our clients.  Our experts will conduct the interviews, write the specialist reports, and send them the HMRC.

 

“Businesses have absolutely nothing to lose by looking into it – and may get thousands of pounds back.”

 

If you would like to find out more about the services offered through this scheme, contact us at Spiral.