If you haven’t heard about R&D tax claims, then where have you been? They have been helping those in the food and drink industry for years now. A government incentive, administered by the HMRC, R&D tax credits are something that every food and drink business should look into. This article will give you some insight into what an R&D tax claim is – and what it can do for your business. Give it a read and then drop us a line. We’re sure you’re bound to have some questions.
If you have heard about R&D tax claims, then there is a question that might have crossed your lips
“Is it possible to make your own R&D claim?”
Well, the short answer is yes, you can. There is a way of making claim yourself. It involves –
- Understanding the R&D tax claim system
- Filling out all the paperwork correctly to support your claim
- Putting together a report that explains to the HMRC what went on
- Answering any questions the tax man might have
- Making sure you maximise the claim by knowing all areas you can claim for
So, while you might be able to submit a claim yourself, there are some pretty compelling reasons why you probably don’t want to. Let’s take a look in more detail at why you would want to enlist the help of a professional.
Tax Isn’t Always Simple
As much as the HMRC is trying to make tax as simple as possible, sometimes there are areas of tax that just need that little bit of expert knowledge. Don’t worry about that. If you have a few days to spare, then you can fight your way through all of the information on the HMRC website about R&D tax credits. There’s plenty of it – we know!
Lumo look through all of this so you don’t have to. The advice changes on a regular basis, so you need to stay on top of all the changes to ensure your claim is valid. We can do all of this for you. Our team does nothing but R&D tax, so we know the rules inside out – and stay on top of all the revisions too. Save yourself a headache and ask us to look into your R&D tax claim.
You Want the Most from This
Maximising a claim isn’t always easy if you haven’t done it before. If you spend a lot of your time pulling together all of the documents needed, then the last thing you want is to find out that you missed some qualifying costs that could have resulted in thousands of pounds coming back into your business.
That’s why submitting your own claim can be a dangerous place. If you put the time and effort in, then you want the most back out for that. It makes sense to speak to someone who knows their stuff inside out and can maximise a claim. Your food and drink business needs to protect its time anyway. This is a great way of outsourcing the stress and getting on with your own job.
You Want SOMETHING from This
Even more heart-breaking would be to go through the entire process of submitting an R&D tax claim only to find that it was rejected by the HMRC. All that time and effort gone to waste…
That’s why you should speak to a professional. We know R&D tax claims inside out, having submitted tens of millions of pounds worth. And do you know what? We have a 100% success rate with the tax man. We’re so sure of the service we offer that we don’t charge a penny until it’s all done and dusted. That’s right. You only pay us when the cash is sat in your bank account. Work with someone who will greatly improve your chances, as well as save you valuable time.
Time Is Money
There are certain parts of your business that you leave to other people. Your time is valuable and needs to be spent on the income generating activities that you know will drive you forward. If you become distracted by an R&D tax claim, then this can lead to you taking your eye off the ball. Don’t make this mistake. Your leave the legal stuff to someone else and your accounts to an accountant. We can work with your accountant to get the right result for you in terms of R&D tax. Protect your time and let the professionals handle this for you.