Posted: 26 / 05 / 2020
COVID-19 has directly impacted hundreds of thousands of people across the UK, many of them business owners providing ‘non-essential’ services that have been forced to temporarily close.
This has caused a lot of stress and worry for businesses and the self-employed. Even with the government’s various business support packages, cashflow has significantly reduced and caused a myriad of other problems.
The relief which government has provided has been extremely helpful, from cash grants, reduction in business rates and Coronavirus business loans (CBILS) all being made available. However, a lot of companies have had to take matters into their own hands, with one being to see if they’re eligible for Research & Development (R&D) Tax Credits.
Provided by HMRC, the scheme rewards businesses who invest in innovation. Types of innovation might include things such as developing your day-to-day processes or systems, products or simply anything that changes the way your business operates. This is often met with dismissive comments such as “I’m just doing my job” or “It’s something you’ve just got to do”, but that is often where the R&D lies – under the guise of modesty.
To date, Sedulo has achieved a 100% success rate in processing over £1 billion worth of qualifying costs. This has rewarded clients with over £100m of cash and reduced Corporation Tax burdens. Even if your company has submitted an R&D claim this year, there still may be additional options to consider.
SMEs can claim up to 33p for every £1 they spend on qualifying R&D activities and, crucially, R&D is not restricted to any specific sector – any industry can claim!