Research and Development Tax Credits

Central Business Services is a firm of accountants and business advisers based in Loughborough, Leicestershire. Through our membership of STP (Strategic Tax Partners) we can provide a comprehensive service in respect of Research and Development Tax Credits. STP has brought together a range of specialists to provide technical advice and assistance to clients of member companies.

Many companies are claiming R&D tax credits successfully, but despite the substantial financial benefits available, many others do not realise that they have eligible projects, worry that the claim process is too onerous and costly or, most commonly, ‘bundle’ the R&D claim as part of their broader tax and accounting affairs without a rigorous effort to optimise its scope.

Not only is the tax legislation associated with the scheme a highly specialised area in its own right, it is unique in that a successful claim is based on its scientific or technological merits, meaning that the claim process cannot be fully handled by tax personnel alone.

Qualifying criteria

• Attempting to achieve an advance in science
• Resolution of a scientific uncertainty
• Technological advances
• New knowledge – not just for their company

Typical R&D opportunity sectors (not exhaustive)

• Companies developing new products
• Digital marketing – database software development
• Games companies / Electronics / Instrumentation
• Food manufacturers -
• Medical devices manufacturers
• Technology industries e.g. aerospace
• SMEs with a reasonable number of employees
• Software – certain level of performance, security, performance, packages together to make a system
• Software development – Banks

Service provider

STP has teamed up with a specialist in the field. The specialist company combines specialist skills and knowledge in the R&D tax credits system with practical experience in technology to help clients submit high quality, sustainable claims. They have worked successfully with clients across a wide range of sectors including aerospace, automotive, electronics, telecommunications, nanophysics, software and food.

A range of services related to R&D tax relief claims, tailored to suit clients’ individual needs, from full claim preparation to ad hoc advice on R&D tax relief issues is offered. In all cases the service delivers outstanding value for money by:

• Bringing the right combination of technical and tax expertise to the project
• Using an effective approach that embodies expertise and experience
• Maintaining a strong relationship with HMRC
• Transferring the knowledge of the process to client staff for future claims
• Substantially easing the burden on technical and financial staff.

Being independent specialists in R&D tax relief, coupled with their open and collaborative working style enables this specialist to work alongside your other financial and tax service providers with no conflict of interest or scope overlap issues.

For more information