The UK economy is predicted to face the weakest year since the financial crisis, according to the British Chamber of Commerce. An article from the BBC quotes “the employers’ group forecast 2018 GDP growth of 1.3%, down from a previous forecast of 1.4% and cut its forecast for 2019 from 1.5% to 1.4%”.
Businesses throughout the UK are still being affected by the uncertainties around Brexit. The BCC claims the next few years are looking to be a “testing time for business in the UK” and that we can see a “lacklustre outlook for consumer spending” in the coming months.
The BCC is allegedly “urging the government to focus on the domestic business environment”, which is aiming to reduce the uncertainty that firms face and increase productivity within every industry.
Quotes from Adam Marshall, the BCC Group General Director report “Our forecast should serve as a wake-up call for the government – as it demonstrates that ‘business as usual’ is not an option when it comes to the economy”.
Where R&D Comes In:
The HMRC initiative for Research and Development aims to reduce the likelihood of problems like this spiralling into a new economic crisis. Not only does the initiative promote innovation; but it’s pumping money back into hard-working UK businesses. The cash rebates received by UK Limited companies through the initiative can help continue the growth of businesses: new equipment, machines, materials and even taking on new staff, have all been results of cash benefits from HMRC, through the Research and Development initiative.
Although the initiative has been in play since 2000, recent years have seen claims for Research and Development tax skyrocket, as the eligibility for submitting claims has opened to a much wider range of industries since Brexit, with the hopes to boost the UK Economy.
With this news coming to light, now is a better time than ever to start a claim or to start investing in innovation, with the knowledge that your hard work will be rewarded. A shocking 95% of UK companies eligible to claim, still haven’t due to common misconceptions that they are not eligible.
We work on a success only basis, meaning we never waste the time of our specialists or your business if we don’t see R&D in your work. In one obligation-free phone call, our experienced industry experts will be able to find out whether your company has eligibility to get started on the process.
We work purely with Research & Development Tax Credits Claims and have a seamless process that assures no stone goes unturned and your company can maximise your benefits from HMRC.
Get in touch today or alternatively, for more information on the initiative click here, to find out more about how to claim, click here and to find out more about how our service can help your business to continue to grow, with claims at an average of £42K, click here.