R&D is a fantastic financial assistance scheme offered by HMRC. So much so, that last year more than 39,000 UK companies took advantage of the scheme, claiming nearly £3.5bn in tax relief.
Financial security is paramount for any industry in these increasingly uncertain times. We have the looming doom of Brexit and the current Coronavirus pandemic rocking the stocks. But we like to think there are always options and light in times of chaos. Always eager to look on the bright side, Shencoh is still operating at full capacity, working tirelessly to offer eligible companies a boost to their income. You will be pleased to know that any company in any industry may be eligible for R&D Tax Credits.
As a company of professional tax advisers – with very high standards – Shencoh is in a perfect position to advise innovative companies on all aspects of R&D tax credits. Plus, we may be able to file tax returns on behalf of our clients, something other companies can not do. Our refined and specialised claims service will take care of everything for you, ensuring that your benefit is maximised.
The key points when considering your potential for financial security in terms of claiming R&D are that your company must be undertaking development activities that seek to achieve advancements in science or technology.
These might include:
1. The creation of new products, processes or services.
2. The change or modification of any existing product or service.
R&D Tax credits can provide an essential means of non-repayable funding for a great many small, medium and large businesses. This boost of innovation can go a long way to encourage companies to further invest in R&D and innovation, continuously improving financial security for them.
Further, for every £1 that is spent on public R&D, approximately £7 of net economic benefit to the UK unlocks £1.40 of private R&D investment. This contributes to helping to put the Uk at the very front of R&D innovation across the globe, increasing financial security for your business, its industry and the broader economy as a whole.
What is more, our no-win-no-fee process, and our 100% success rate, is extra security for you in these uncertain times.