Page 29 - BOSS Today Issue 29

FINANCE

POT OF

GOLD

Are you missing out on R&D tax credits?

he R&D Tax Relief Scheme ✱ Does your company employ of information together and
Twas introduced in 2000 engineers or software sending them over to them. It
for SMEs and was extended developers? was as simple as that!”
to larger companies in 2002. ✱ Is your company creating
This tax incentive is in place to new or improved products? n IF YOU WOULD LIKE
encourage companies to invest ✱ Does your company consider TO SEE WHETHER IT IS
in developing or improving itself technically innovative? WORTH YOUR COMPANY
products and processes and ✱ Does your company PROCEEDING WITH A
allows an extra 25% of identified spend money on staff CLAIM, CALL STEVE WALKER
costs to be written off against costs, consumables and/or AT BOSS ON 01676 526050
taxable profits (30% for larger subcontractor costs in order OR TALK TO JOHN MOXON
companies). to undertake development AT HOWARTH LYNCH ON
work? 0114 236 4457.
What R&D Activity
Is Eligible A quick ten minute phone call
For Tax Relief? with the BOSS Federation’s
Many companies wrongly partner Howarth Lynch will let
believe that, because they you know whether any activities
have no dedicated R&D staff, you undertake are likely to be
they are not eligible for this eligible for this tax relief.
relief and, as a result, it is one Luke Chapman, Managing
of the most under-claimed tax Director of the BP Group, has
incentives available. However, recently completed this process
companies in the OP industry and is now expecting a tax
are constantly evolving their rebate/future tax reduction of
products and services to meet around £25,000: “The whole
customer demands and much process from start to finish
of this activity could be eligible took only a few months, but
for this tax relief. had we been fully prepared, it
If you can answer ‘Yes’ to any could have happened in only six
of the following questions, your weeks. Howarth Lynch initially
company may be eligible: interviewed us over the phone
to ascertain the viability of the
✱ Does your company R&D we had done. Once this
undertake the development was confirmed, they came to
of new products and visit us and went through all the
processes? details with the key members
✱ Is your company aiming to of our team who had been
improve the way it produces involved. We were then tasked
existing products? with pulling various pieces

September/October 2015 | BOSS TODAY 29

BOSS issue 29 p28-p29.indd 3 10/09/2015 11:40