As the deadline to file December year end accounts approaches, UKWA is urging members to check whether they qualify to claim R&D tax credit for the 2019 accounting period, as many are unaware that they are innovating.
Often businesses are surprised to learn that they qualify for this valuable source of funding, so it definitely pays to double-check, according to ForrestBrown, UKWA Associate members and the UK’s premier specialist R&D tax credit consultancy.
A number of UKWA members have already accessed this service to identify the potential opportunity and make a claim.
R&D tax credit is a government incentive designed to encourage innovation in the UK, as this brings significant benefits to the wider UK economy. The incentive is only available to companies that are subject to Corporation Tax and have invested in R&D.
The average R&D tax credit claim for SMEs is worth £57,330 – but for many, it can be worth much more. This represents a valuable opportunity to claim back money that could fund a digital upgrade project or support hiring of new staff.
SMEs can recoup up to 33p for every pound spent on qualifying expenditure using the SME R&D tax credit scheme. Valid claims can include new digital upgrades or investment in sustainable technology.
UKWA CEO Clare Bottle commented, “We are constantly encouraging our members to invest in technology to stay abreast of the demands of our increasingly digital world, therefore we also want to let members know about potentially transformational funding.
“We recommend that UKWA members who want to know more should contact ForrestBrown for initial advice on what can be included in an R&D claim. As experts in this specialist area and UKWA Associate members, they are offering members an exclusive package of support in submitting a claim and optimising its value.”
ForrestBrown can be contacted on 0117 926 9022 or via email at email@example.com.