What is the R&D tax credit scheme?
The R&D tax credit scheme was introduced in 2000 to encourage scientific and technological innovation in the UK.
There are two schemes available to claim tax back on. The first is the SME scheme, available to companies with less than 500 employees and £88million turnover, which allows the company to claim back up to 33% of qualifying expenditure. The second scheme (RDEC), is for larger companies and allows up to 8% of qualifying expenditure to be claimed back.
HMRC have specific criteria to qualify companies for the scheme. This is that the company must show evidence of:
- Overcoming technological uncertainties
- Achieving advances in technology
- Be non-deductible by a competent professional
Why choose MPA?
With over 10 years’ experience in the R&D tax relief scheme, and a database of over 2000 successful claims, MPA has tried and trusted knowledge of each stage of the process. Our team of analysts are trained specifically in the scheme, following and regularly taking notice of any changes made by HMRC.
What sets us apart from other R&D tax credit providers is our analysts. Although we work in the financial services industry, we employ more engineers than accountants, with years of industry experience behind them. This means that we speak the same language as our clients and are able to talk to the technical research teams carrying out the R&D, to identify all possible qualifying activity. This allows us to maximise claims and, in many cases, to identify areas of qualifying activity missed by general accountants.
Recent reports show that HMRC is cracking down on companies submitting incorrect claims, with the number of enquiries increasing year on year. In contrast, our years of experience and knowledge of the scheme means that our clients are far less likely to receive an enquiry. In the case that a client of ours did have to go through an enquiry process, we represent them and defend their claim completely, at no extra charge.
At MPA, we understand how important your innovation is to you, which is why our team of industry experts and tax credit specialists are best placed to help you optimise your R&D Tax Credit claim. Get in touch today.