The Irish News recently named the R&D Tax Credits Initiative is the ‘most generous corporation tax relief available in the UK’. In 2017, Irish Businesses claimed back a total of £55 million in Research and Development tax credits.
The most interesting factor in these results is that although they have reached record numbers in tax benefits paid out, Northern Ireland is still one of the lowest claiming regions in the UK. For example, the West Midlands have claimed back £295m in R&D Tax Relief last year alone. With Northern Ireland only being accountable for 2% of total claims across the UK, despite climbing results.
The average claim for companies in Northern Ireland Last year was £46,000, with a large portion of claims coming through R&D Tax Specialist companies, who are aware of how to maximise claims.
There are still thousands of businesses that haven’t claimed due to the unfortunately common misconception that they simply don’t qualify.
The R&D Tax credits incentive was created in the year 2000, to drive innovation across every industry.
Despite 39,960 successful claims for 2016-2017 across the UK, there has still been a huge portion of businesses missing out on potentially tens of thousands of pounds, simply because they feel they have to “re-invent the wheel” in order to qualify.
The aim of the R&D Tax Credits incentive is to fund new and ongoing R&D based projects and support businesses while they work to uncertainties, in order to fill gaps in the market. What’s more, it only takes one quick phone call to find out if your company is eligible to claim.
It is estimated that £24.9 Billion was spent on “innovation-related expenditure” in the last financial year, with £3.5b being claimed back in tax relief, stats from HMRC show and there’s still a huge amount of the budget ready to continue to support innovative businesses.
Where does SHENCOH come in?
Shencoh is a team of Research and Development Tax Specialists. Our experts know everything about qualifying, creating claims and most importantly, ensuring every penny of your R&D expenditure is accounted for. In one short, no-obligation phone call, a member of our team will be able to let you know if your business is eligible to claim, simply through finding out a bit more about the projects you’ve been working on.
To get in touch, click here.
To find out more about our process, click here.
To find out more about the R&D Tax Credits initiative, click here.