{"id":668,"date":"2016-08-19T12:43:41","date_gmt":"2016-08-19T11:43:41","guid":{"rendered":"https:\/\/lancasterclements.co.uk\/?p=668"},"modified":"2016-08-01T15:44:22","modified_gmt":"2016-08-01T14:44:22","slug":"is-research-and-development-tax-relief-available","status":"publish","type":"post","link":"https:\/\/www.lancasterclements.co.uk\/is-research-and-development-tax-relief-available\/","title":{"rendered":"Is Research and Development tax relief available?"},"content":{"rendered":"<h1>Is Research and Development tax relief available?<\/h1>\n<h3>Research and Development (R&amp;D) tax relief can provide additional tax deductions and enhanced cash flow for companies. HMRC have introduced \u2018Advance Assurance\u2019 which enables small companies to confirm their entitlement to R&amp;D tax relief.<\/h3>\n<p>R&amp;D tax relief can allow a company to claim an additional corporation tax reduction of 26% of the expenditure incurred. Alternatively the company can surrender a loss for a cash repayment. A surrendered loss could give a repayment of up to 33.35% of the expenditure. This could significantly improve cash flow for new companies.<\/p>\n<p>To claim R&amp;D tax relief a company must meet several qualifying conditions. Reviewing whether these are met can be expensive and time consuming for small companies. HMRC have therefore introduced Advance Assurance whereby a small company will have access to an HMRC specialist who will discuss whether the activities of the business meet the qualifying requirements.<\/p>\n<p>In order to access Advance Assurance, the company must:<\/p>\n<ul>\n<li>not have claimed R&amp;D tax relief before<\/li>\n<li>have an annual turnover of \u00a32 million or less<\/li>\n<li>have less than 50 employees.<\/li>\n<\/ul>\n<p>We can apply for Advance Assurance on your behalf but any discussions about the business will be carried out with a main contact in the company (appointed by the company in the application). HMRC state that most applications are dealt with by a short telephone call. We will be able to contribute to the discussions if there are any difficulties.<\/p>\n<p>If HMRC agree that the company qualifies to claim R&amp;D tax relief they will then allow the claim for the next three accounting periods without further queries. If you\u2019re planning to carry out R&amp;D at a future date, Advance Assurance can still be applied for. HMRC will contact you after you\u2019ve submitted your first claim to check that the R&amp;D matches the details supplied in the Advance Assurance application.<\/p>\n<h1>If you think your company may carry out research and development activities please contact us on our <a href=\"https:\/\/lancasterclements.co.uk\/contact-us\/\"><span style=\"color: #000080;\">contact page<\/span><\/a>\u00a0to talk about the available tax reliefs.\u00a0<strong>To find out more about the services that we offer, visit our\u00a0<a href=\"https:\/\/lancasterclements.co.uk\/our-services\/\"><span style=\"color: #000080;\">Services<\/span><\/a>\u00a0page.<\/strong><\/h1>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Is Research and Development tax relief available? Research and Development (R&amp;D) tax relief can provide additional tax deductions and enhanced cash flow for companies. HMRC have introduced \u2018Advance Assurance\u2019 which enables small companies to confirm their entitlement to R&amp;D tax relief. R&amp;D tax relief can allow a company to claim an additional corporation tax reduction [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Research and Development tax relief available? - Lancaster Clements<\/title>\n<meta name=\"description\" content=\"Accountants in West Midlands, Wolverhampton, Henley in Arden, Birmingham, Cannock, Walsall, Telford advising on whether research and development tax relief\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lancasterclements.co.uk\/is-research-and-development-tax-relief-available\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Research and Development tax relief available? 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