Pentins business advisers are Canterbury’s leading specialists at helping businesses receive research and development tax credits. Our personal approach allows us to understand how your business operates, identify areas that could qualify for R&D, and assist you in submitting the best possible application.
The UK government recognises the value of uniqueness, and encourages research and development to innovate and break new ground. Therefore, the government offers generous tax incentives for companies that engage in Research and Development (R&D) activity. Pentins are experts at R&D, and we have helped many clients receive these tax credits. In many instances, we have helped clients that were not even aware that they could qualify for them.
At Pentins we develop a close relationship with our clients, which means that we can get a complete understanding of your situation, and give you the best possible support, tailored to your business. This allows us to really take full advantage of any tax relief available, such as R&D credits, as well as other reliefs such as EIS or SEIS.
Which Projects Count as R&D?
According to the government’s guidelines for R&D, projects that qualify for R&D must specifically aim to make an advance in science or technology. Social sciences like economics, or theoretical fields such as maths are not applicable.
The project must also meet the following criteria:
- It must seek to research or develop an advance in your field.
- The problem could not be easily solved by a professional in the field.
- You must have looked for an advance in science or technology.
- In your application, you have to be able to explain an uncertainty you had to overcome, and how you tried to overcome it.
In the last couple of years, we have encountered R&D activity ranging from specialised tweezers for the cosmetic industry to energy processing system development, an artificial intelligence system for use in recruitment and more. Quite a wide range. The key is that the process or product must be new and developed by the company.
Most entrepreneurs will have an element of R&D within their company for which tax incentives could and should be claimed.
To find out more about our services, or to discuss whether R&D could be suitable for your business, please book a free consultation with one of our expert advisers today.