HMRC R&D tax claim & Innovate grant money - anyone!?!?

[WHoSaidthis]

Putting an R&D tax credit claim together but suspect will need help getting it over the line to give it the best chance of success (yes, it is my first time)

Whilst at it, also looking at grant application for Innovate UK grant by the government.

Anyone applied yet with a help of a company? There are lots when I Google..hard to tell the good, bad and ugly.

Any advice and recommendations from experience would be much appreciated. Thank you

[northernladuk]

Difficult to help if we don't know what it is you are claiming for?

R&D been done quite a bit on here if that helps.

Go to google and type 'R&D site:forums.contractoruk.com'
Play with the keyword for other results.

Most of the threads weren't really R&D, just people kidding themselves so not sure what you will find but I do believe there were a few people who claimed.

[eek]

What are you actually paying for with the R&D.

It's there to cover the wages of people doing the work and most 1 man bands don't employ other people.

[TwoWolves]

The government site for this is quite explicit about what is required from this.

In the past, I don't think they even looked at the claims and waived everything through but I have it on good authority that this will no longer be the case so your claim will need to fit the guidelines.

I have claimed for software research, mostly AI and HPC techniques on behalf of clients. I don't know how technical their inspectors are, so that's the key I think.

[JHamp82]

I believe Gorilla Accounting offer this service.

[Lance]

Putting an R&D tax credit claim together but suspect will need help getting it over the line to give it the best chance of success (yes, it is my first time)

Whilst at it, also looking at grant application for Innovate UK grant by the government.

Anyone applied yet with a help of a company? There are lots when I Google..hard to tell the good, bad and ugly.

Any advice and recommendations from experience would be much appreciated. Thank you

It's been a few years since I was involved.


But it used to just be that you worked out what you costs were for the qualifying spend and put this on the CT600 forms.
Your CT bill is now less than it was.
I've never heard of it being challenged, but then again every time I've been involved there has been a lot of supporting evidence, and the amount of relief claimed was small compared to profits.

But for a one man band with low salary and dividends there isn't much you can claim against. Pension payments and salary is about it.
So if you're maxing your pension, and doing only R&D for a whole year you can claim c. £49k of relief.

And talk to your accountant. You shouldn't attempt this without him.