Boost your cashflow by claiming R&D Tax Credits

17 May 2017

The UK Government recognises that encouraging innovation is a vital component in a strategy for improving the UK’s productivity, performance and competitiveness. As a result, the research and development (R&D) tax credit scheme for small and medium sized enterprise (SMEs) was set up to fund and encourage greater innovation in the UK and help businesses boost cash flow and enable investment in growth.

The aim of the regime is to help SMEs fund their R&D activities and companies can claim up to £33 for every £100 they spend on qualifying R&D.

Many start-ups and small businesses are missing out on claiming up to 33% cashback on their R&D spend as they are not aware of the R&D tax credit regime, incorrectly don't believe they qualify or find it too hard to claim.

Eligibility is defined more broadly than you might imagine, and it can include costs incurred in the course of substantially improving existing technologies and processes. For example, if you're developing a bespoke trading platform or innovative CRM system, or if you're re-designing your manufacturing process, you may be eligible! Where your activity or initiative is classed as eligible, your claim will include a wide range of associated costs, including the payroll cost of those involved.

PwC has developed Nifty R&D a new approach to making R&D claims which significantly reduces the time (and cost!) of preparing claims.

Nifty R&D is the UK's first online solution and is really easy to use - a user sets up an account, answers the questions and submits the information to PwC. We then review the answers and work with users online or via phone to complete the claim. Users are fully supported by our specialists throughout the process with online chat tools.
At the end of the process, you'll have a completed R&D claim together with supporting documentation ready for submission to HMRC. It’s as simple as that!

Find out more by visiting the Nifty R&D website

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