It’s what we all want, isn’t it?
Did you know that your small business could get some from the (notoriously tight) UK government? Without doing any more work?
Well… You can. Through the HMRC R&D tax credit scheme, your business can reclaim up to 33% of your relevant project costs. If your business has engaged in innovative projects over the last 2 years, you’re likely to qualify for a scheme where the average rebate is £60k!!
At this point, you might be asking yourself, “why haven’t I heard of this before?” and thinking of all the things your business could be doing with an extra 40-50k in the coffers. While it’s only a small consolation, know that your company is in the vast majority, with less than 10% of UK SMEs filing claims for the money they’re entitled to.
So how do I get my money back?
To get your money back from HMRC, you need to do a few things:
- Review your business accounts and root out all your spending on R&D projects – including salary for relevant staff, money spent on consumables and subcontracting costs.
- Prepare your R&D financial report using your accounting details.
- Prepare a technical report explaining your business’ innovations and outlining your uncertain project roadmaps.
- File your completed claim with HMRC, staying prepared in event of a query.
- Wait 4-6 weeks, and get your hard-earned money back.
Sound easy? No? Well, you’re in luck, because we’ve got another way.
At Kapitalise, we’ve made this process as easy as possible for you. All you need to do is find some time to speak with us about your R&D expenditures and answering a few project-related questions before we take care of the rest: using our software to compute your financial report, getting our writing team to prepare an expertly-researched technical report to accompany it, filing your claim on your behalf, and managing it until you get your money back!
If you’re interested in exploring the easiest way for you and your business to get money back from the government, contact us at firstname.lastname@example.org for more information.