R&D Tax Credits

Gowin Accountant UK - R&D Tax Credits

What does this mean to you and your business?

By making a carefully constructed application, we can help you gain reward from the Government for the Research and Development work you do.

What is ‘Research and Development’ (R&D)?

In the UK, Research and Development (R&D) tax credits incentivize innovation by offering tax relief to businesses engaged in qualifying R&D activities. This valuable scheme allows companies to recoup a portion of their R&D expenditure, fueling further innovation and growth. However, navigating the intricate R&D tax credit landscape requires meticulous accounting. Accurate documentation and reporting of R&D expenses are essential to maximizing tax benefits and ensuring compliance.

How will Gowin help you with this?

When evaluating eligibility for R&D tax credits, we examine your ongoing projects and assess whether any of the following criteria apply:

  • Was the project focused and specific?

  • Did it involve advancements in science or technology?

  • Did it address uncertainties within your business or introduce new processes?

  • Would overcoming these challenges have been straightforward for a professional in the field?

Importantly, the success or failure of the project is irrelevant. In fact, unsuccessful outcomes often indicate the complexity and novelty of the endeavor, strengthening the case for R&D tax credit eligibility.

Discover the untapped potential in your business with our R&D Tax Credits expertise. While claiming can be complex, our streamlined process ensures optimal outcomes. We delve into your projects, uncovering R&D opportunities dating back two trading years. With us, you’re guided through every step, from identification to full claim submission. Don’t miss out on growth and incentives – let us unlock your R&D potential.

How can we help you?

It’s simply astonishing how many opportunities have been missed – large numbers of businesses are missing out on the growth and incentives R&D Tax Credits bring

It’s true that R&D claims are complex. However, we have invested considerable time and expertise in testing and developing a claim process that will result in the best possible outcomes for our clients.

We spend time with our clients, looking at projects they have worked on through the years(s) (the first claim we can cover must be within two trading years) to understand where R&D opportunities exist. and to establish there is a claim to be made.

Once that’s established, we can move forward with the full claim.

SOLUTIONS

How We've Helped Our Clients Unlock R&D Tax Credits:

Simple DataBase Built

  • Client Profile: Utilities price comparison business targeting commercial clients.
  • Opportunity Spotted: Change in water supplier competition rules led to the development of a database for cost analysis.
  • Outcome: £11,500 tax benefit in year one, with subsequent claims bringing similar amounts.

Computer Software Development

  • Client Profile: Software development company creating custom and proprietary products.
  • Opportunity Identified: Reassessment of tax returns revealed R&D efforts in software development.
  • Outcome: Claimed £115,000 over two years, with expectations of further £50,000 to £60,000 annually.

Security Installation and Service Company

  • Client Profile: Security solutions provider specializing in CCTV and alarm systems.
  • Challenges Overcome: Tackled uncertainties in installations and developed improved CCTV monitoring methods.
  • Outcome: Received £17,000 in the first year, with continued claims in subsequent years.

Circuit Board Design and Sales Company

  • Client Profile: Circuit board design company investing in research and development.
  • Project Description: Extensive research and testing for microcircuit board development, despite ultimate market failure.
  • Outcome: Successful claim of £88,000 over two years.

Additional Information:

  • No Prior Engagement Required: We can make claims on behalf of businesses even if we weren’t their previous accountants.
  • Claiming for Previous Years: Successfully made claims for previous trading years, offering retroactive assistance.
  • Uncovering Hidden Claims: Clients may be unaware of legitimate claims, but we can help recoup costs effectively.

Contact us on our Norwich number to explore how we can assist you in maximizing R&D tax credits for your business.

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