If you work within the manufacturing and engineering sectors, you are likely to be a great candidate for receiving an R&D claim. Specifically, if your business spends money developing new products or perhaps creates/modifies existing processes, such processes can be expensive. So, what is your reason not to take advantage of potential R&D tax credits available to you?
However, in order to be successful in an R&D claim, it is essential to present it in the correct way. And this can be the most difficult part, in addition to fighting your case if necessary.
I’ve never heard of R&D tax credits. What exactly are they?
The government provides R&D tax credits to UK businesses that are constantly involved at the cutting edge of innovation. Businesses typically entitled to such an incentive include ones that pride themselves on the creation of new products and processes. Or refinement of existing ones. Typically for each £1 spent, a business can be refunded 33p. Speak to an expert to find out what this can mean to your business.
How dependent is the manufacturing and engineering sectors to the UK economy?
UK manufacturing adds £6.7 trillion to the entire global economy. Despite some disagreement tom this fact, the manufacturing sector of the UK is doing very well. Specifically, this is indicated by the UK being the world’s eighth biggest industrial nation. If it continues to grow at this rate, it will become one of the top five by 2021. Moreover, manufacturing makes up 11% GVA, 44% total exports, 70% R&D and employs an impressive 2.6 million people in total.
Not small fry at all!
I am considering doing my own R&D claim. Is this advisable?
It is not recommended to complete an R&D claim for a business if you are not knowledgeable of this area. Just as you may only involve yourself in business activities you are highly skilled in, it is not advisable to do a half-cut R&D claim which is likely to fail when passed over the discerning eye of an expert. Why take this risk when you can have a highly talented R&D team right at your fingertips, fully qualified to deal with all the intricacies required to deal with it?
When an R&D tax claim is presented to the tax man, it must be 100% perfect with no room for error. And any discrepancies must be argued. And this is no mean feat. Just another reason why you should leave it to the professionals.
For individuals and companies that are able to complete their R&D claims successfully themselves, we believe this is fantastic. And certainly, a government initiative that cannot be missed. Nevertheless, if you have begun the process and are finding it difficult and confusing- stop. And utilise the services of a professional such as Lumo, who have assisted hundreds of businesses in successfully completing their R&D tax claim.
Lumo - Experts in completing R&D claims for a range of engineering and manufacturing companies
Lumo have been helping businesses complete successfully their R&D claims over the past 8 years. Due to this, they are sure to include every detail. A product of their significant experience. Why not begin the process with a free, no obligation chat to see how eligible a business is for claiming R&D. And no money needs to be paid until the final credits have been achieved. Lumo are proud to say they have a 100% success rate for past clients for claiming credits. Which adds to the sum of over £35,000 for a range of clients. And additionally, if, for whatever reason, we are unable to claim anything, clients will not have to pay a penny.
Save time, money, effort and frustration by contacting Lumo today to begin the process of claiming your R&D tax credits.