R&D Tax Credits
R&D tax credit is a valuable tax relief designed to encourage innovation in the UK by providing a repayable tax credit at rates which depend on the size of company and ‘intensity’ of the R&D activity.
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Projects which seek to make an appreciable improvement to an existing process, material, device, product or service through scientific or technological changes can be eligible R&D. The credit can be claimed on a wide variety of costs including staff salaries, contractors and some indirect activities.
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We can undertake a review to help you to identify any projects which may qualify as eligible R&D, and the costs which are eligible expenditure.
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How Affect will help you
​Affect are recognised as market-leading experts in the creative tax credits and we help our clients navigate through these depending on the nature of their project by:
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Applying for advance clearance that the project will qualify for first time claimants (valid for 3 years)
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Notifying HMRC that the company has the intention of making a claim so not timed-out
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Meeting with the technical team to identify any qualifying R&D projects
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Challenging R&D assessments made to ensure that the projects and activities identified fell within the definition of R&D for tax purposes
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Identifying the boundaries of the R&D project to identify possible qualifying spend
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Checking which R&D scheme the company qualifies for dependent on size of company and funding
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Assisting with preparation of an R&D technical report to supply all information required by HMRC to analyse the claim
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Analysing areas of qualifying spend including salaries, contractor payments, consumables and software
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Reviewing the R&D intensity of the company and looking at optimising structure going forward
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Preparing a comfort letter for lender to cashflow the tax credit (see TAX CREDIT FINANCING)
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Preparing the detailed tax computations required by HMRC
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Preparing the mandatory additional information forms
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Tracking the claim and dealing with any queries which HMRC might have
Testimonials
We believe in building lasting relationships, which is why our clients are our biggest advocates.
You can see some of the projects we have worked on via our IMDb page.
"We’ve had the pleasure of working with Affect for the past few years, and the experience has been nothing but positive. Their deep industry knowledge, practical expertise, and consistently high level of customer support have made a real difference in our projects.
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They’re a great team to work with, and it's clear why they've been going strong for nearly 10 years and we look forward to continuing our partnership in the years ahead."
Phil White, CEO