Research and Development Tax Accountant

Ever wondered if your latest innovation could lead to added tax benefits? We're here to help you make the most of the often-overlooked R&D tax relief that could see your business save a significant amount of money.
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    Research and Development Tax Accountant in Guildford

    When running a business, you may consider developing new ideas and improving existing ones from time to time – your whole business might even depend on it. But did you know that if you engage in activities that seek to advance knowledge and make improvements in the scientific and technological sectors, there could be a positive outcome for your business, too?

    That’s why we are here to help businesses of various sizes, including start-ups, small businesses and growing limited companies, make the most of Research and Development tax credits.

    Welcome to Guildford Accounting, experts in Research and Development tax relief

    At Guildford Accounting, we are your friendly, expert accounting agency based in Guildford. With over 30 years of finance and accounting experience, we specialise in making R&D tax support a simpler and more accessible service.

    Our service covers all bases, from working out which R&D scheme is right for you and understanding what counts as qualifying expenditure right through to submitting an R&D claim. You’ll benefit from personalised support and friendly guidance every step of the way.

    Want to know how R&D tax relief can boost your business? Get in touch today and talk to an expert accountant!

    What are Research and Development tax (R&D) credits?

    Research and Development (R&D) tax credits are part of a government initiative that sets out to reward innovative companies for investing in new products and service ideas. This means that if your business actively seeks to overcome scientific or technological uncertainty, then you may be eligible for significant Corporation Tax relief.

    If you’re not exactly sure what counts as Research and Development, or you don’t know how to make an R&D tax credit claim, that’s where we can step in.

    How does the Research and Development tax credit work?

    R&D tax credits work by reducing your Corporation Tax bill when you actively carry out innovative projects in the science and technology sectors. The amount you can claim will depend on the size of your business and the type of R&D you carry out. SMEs can access enhanced tax deductions and cash payments, while large companies receive a standard percentage deduction.

    With our help, you could benefit from a significant reduction in your Corporation Tax bill. We’ll help you determine if you can make a claim and support you throughout the entire application process.

    What qualifies for a Research and Development tax credit?

    You’ll be able to qualify for R&D tax credits regardless of the size of your company. However, the process and payment may differ depending on whether you classify as an SME (small and medium-sized enterprise) or a large company.

    Ultimately, to qualify for R&D tax credits, you need to prove that your project can make advancements in science and technology while being related to your business.

    If you’re wondering whether your business or innovation is eligible for R&D tax credits, then get in touch. Our expert accountants will ensure you apply for the right scheme for your business and get the correct Research and Development expenditure credit.

    How do you claim Research and Development tax credits?

    R&D tax credit claims don’t have to be as tricky as they seem. You can leave the paperwork to us and focus on the project at hand.

    Research and Development tax credits should be claimed through your Company Tax Return and submitted online to HMRC. As your dedicated R&D accountant, we’ll handle the claims process by gathering all supporting documentation, calculating costs and preparing your claim. We’ll also ensure the claim is submitted on time to avoid costly penalties.

    If you have already paid Corporation Tax for the corresponding accounting period, then you can receive a tax refund by backdating the R&D claim.

    Our Research and Development tax service

    At Guildford Accounting, we’ve got your Research and Development tax needs covered. Our comprehensive services are designed to make the process easy and accessible – leaving you to focus on what you do best.

    Here’s how we’ll assist you with the various R&D tax-related tasks:

    1. Initial call: We’ll get to know your business and project goals to identify ways your business can utilise R&D tax relief to maximise profits.
    2. Eligibility assessment: Don’t get confused over the various rules and regulations; our team will assess which R&D tax scheme is right for you.
    3. Gather evidence: We’ll ensure you have all the necessary evidence to support your R&D tax claim, including financial records, project information, reports and expenses, putting you in the best position for a successful claim.
    4. Claim submission: We’ll ensure all R&D tax claims are submitted accurately and on time.
    5. Professional accounting guidance: Our R&D accountants will ensure you benefit from expert guidance throughout the entire process and beyond. Not only will we help you with making R&D tax claims, but we’ll also provide you with the right advice and financial insights to maximise your potential savings.

    Choose Guildford Accounting as your R&D tax accountant

    When navigating the complexities of Research and Development tax relief, the support of a knowledgeable accountant can be valuable. At Guildford Accounting, we aim to make the process of claiming R&D tax relief a breeze. Whether you’re in tech, manufacturing or any other sector, our specialist R&D tax service is tailored to fit your needs.

    Contact us today to tell us about your R&D project. We’d love to arrange a meeting that works around you and your schedule, and we’re more than happy to meet in person or online.

    Frequently asked questions about research and development tax reliefs

    For more information about how the R&D tax credit scheme can benefit your business, please take a look at some of the FAQs below.

    How much R&D can you claim?

    Working out exactly how much R&D you can claim depends on a few factors, such as the size of your company (this will determine which scheme you are eligible for) and the qualifying expenditure that is related to your research project.

    The SME R&D tax relief is available to smaller companies and allows them to claim an enhanced deduction of 86% or even a cash credit of up to 10% (if they make a loss).

    It is our job to ensure your business is on the correct scheme and determine exactly how much tax relief you can claim.

    How long does it take for HMRC to process R&D claims?

    With more and more companies looking to make R&D tax claims, the HMRC claims process is likely to take just over a month. This is not a guarantee, and while it can sometimes be quicker, it can also take longer, depending on the complexity of your claim.

    Working with an experienced Research and Development tax accountant like Guildford Accounting ensures you have all the documents and information readily available to make an R&D claim. This ensures efficiency from your side and can help make the process much smoother.

    Can you claim R&D as a sole trader?

    Since sole traders are not liable to pay Corporation Tax, they cannot claim R&D tax credits. However, if you are a sole trader looking to enhance your financial process and ultimately save more money as a business, we have plenty of accounting services that can benefit you.

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    Why Choose Us?

    Why Choose Guildford Accounting for your Research and Development Tax Accountant Services

    Understanding

    We take time to understand you, your business and your financial goals before we start working with you.

    Genuine

    With us, you’ll know where you stand. We provide honest and transparent solutions tailored to your unique business needs.

    Go the extra mile

    Whether you’ve got an urgent question or simply need some advice, we’ll be there to guide you every step of the way.

    Our secret behind establishing solid and lasting relationships with our clients is the personal touch and genuine care we show. We always go the extra mile and aim to always be available to help.

    Take the next step towards business growth.

    If you’re looking for someone to take the financial load off your shoulders, then get in touch with Guildford Accounting. We’ll take care of the admin tasks while you focus on running your business.