R&D Tax Claims are not as taxing as they sound

08th Mar

Make your business more financially sustainable in 2022 by talking to an expert about an R&D Tax Credits Claim.

At Cooden – R&D Tax Specialists, we were in celebratory mood as 2021 drew to a close. On 16 December our clients’ Research and Development tax savings topped £5m in a calendar year for the first time.

2021 has been a year of steady growth with a number of new significant businesses becoming clients. We’ve even taken on a Blue Chip Cyber Security business. Our goal was to obtain 4 new clients who would have claims of over £75k, in the end we took on 6.

What have you been doing since Covid hit to sustain, redirect, improve your business? Have you been doing something that someone outside your business might describe as challenging but for you it’s just solving problems, overcoming technical issues with a new product or update, engineering out a design flaw in an established product, looked to fundamentally redesign the manufacturing process so that you generate less waste.

The default answer, when we talk to businesses that have never claimed R&D Tax Credits, tends to be “It’s not research and development, it’s just what we do! We’ve never filed an R&D Tax Relief Claim, because we don’t think that we are performing any R&D and no one has really told us any different and challenged our way of thinking.”

Take some time and ask yourself: Could anyone else have done this without spending time and effort doing it? Would someone like to steal it or copy it? Would someone have paid us money to do it for them? Have we suffered a scientific or technological failure that prevented us from completing the project?

If you answered yes to any of these questions, you’ve probably been doing some R&D and it might be worth getting in touch, just like all of our new clients who have discovered that claiming for R&D Tax Relief wasn’t quite so taxing as they thought and ultimately for many was very rewarding.

It would appear as though our stress-free service offering has gone down very well with our customers. It consists of:

  • a no-obligation discovery session to determine your eligibility prior to starting the claim;
  • a low-hassle data collection process for both the financial element and the technical element of claims; and
  • the use of our client account to receive funds and for visibility to chase HMRC when they haven’t been forthcoming.

So, there really are few reasons left for you not to at least have an initial discussion with our Director, Simon Bulteel, but just in case you have any others:

  • If you are worried that it might not be worth it, our average claim value was just under £75,000
  • If you are worried that we can’t handle large claims, our largest claim was for just under £700,000 for a scaling up Cyber-Security business and our next largest claim was over £575,000 for a technology company delivering banking solutions for Instant Payments
  • If you are worried, you’ll be wasting our time, you won’t, our smallest claim was for just under £1,500 for a start-up skincare business
  • If you are worried that HMRC are going to punish you for making a claim, we’ve had one enquiry in 2021 into a Patent Box claim, where HMRC couldn’t find a patent in the name of the company

There really are no reasons to stop you. We are here to guide you, just like we have over 150 businesses before you, to a successful R&D Tax Credits claim. With new changes coming in 2023, there has never been a better time to start claiming for your product developments or improvements and with the ability to claim for two prior years, you could see a significant boost to your 2022 cashflow.

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You can book your no-obligation discovery session at a time that suits you by visiting: https://calendly.com/cooden/bus-works

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