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R&D Tax Credits – Are You Claiming Enough?
On the 13th March 2012, Begbroke Science Park was pleased to welcome Todd McCully and Mark Graves from the Government Grants and Taxation Consultancy to present a seminar on ‘R&D tax credits’ as part of the Bitesize breakfast series at Begbroke Science Park.
The seminar aimed to provide professional insight into R&D tax credits, and persuade SME’s of the significant financial benefits which are there for the taking. To qualify, companies need to satisfy a few criteria. Put simplistically; if your company undertakes R&D which demonstrates technological advances or appreciable improvement and new capabilities within the industry, then you probably qualify.
HM Revenue and Customs suggests that there are 150,000 SME’s that qualify for R&D Tax credits each year. However, only 17,000 participate in the scheme with just 4,5000 SME’s claiming each year along with 2,000 new claimants. These new claimants represent less than 0.1% of the total UK companies. As the money underpinning this scheme comes from the EU, Todd McCully from GGTC was keen to encourage more UK companies to benefit.
The amount that can be claimed does vary between SME’s and large companies. SME’s do rather better. For the purpose of R&D Tax Credits, SME’s are defined as a company with less than 500 employees and an annual turnover of below €100m or an annual balance sheet below €86m. It is clear, however, that there are lots of wrinkles in the legislation that are worth knowing about, which can help to boost your claim. Advice is available from various financial service providers who specialise in R&D Tax credits.
One of the delegates, Bernard Goodchild, who provides management support to SME’s, said “you know in the back of your mind about R&D tax credits, but it’s easy to put off claiming. Generally people don’t have the confidence to think they qualify. I found today useful to clarify all the questions I may have had about R&D tax credits.”
Dr Caroline Livingstone, Manager of Begbroke Science Park, says “seminars on topics like this are important to help keep small companies up to date, and are crucial to the ethos of the science park. With investment increasingly hard to come by, anything to help make funds go further is welcome.”
If you missed today’s event, download Todd’s slides here. The next breakfast seminar will be providing simple guidance to how to access funds from the London Stock Exchange at 8.15am on 2nd May at Begbroke Science Park. To find out more please click here.
To book your place at this event please contact firstname.lastname@example.org. If you would like to stay up-to-date with future events happening at Begbroke Science Park follow us on twitter @BegbrokeScience.
Testimonials from the Event
Marc Graves – GGTC