Kick start your business growth with R&D Tax Credits
PUBLISHED: 14:53 27 June 2017 | UPDATED: 14:25 29 June 2017
Financing a new business idea is always challenging - but help is out there. James Geary, of Randall & Payne, talks R&D Tax Credits
Funding an innovative new idea is always challenging. A newly-formed business will not have a credit history so banks and finance institutions will always find it a challenge to lend.
This is where R&D Tax Credits can really help a new limited company. Where some money has been spent on initial work on a new idea (be it a physical product or software/IT related coding), perhaps on one or two employees, or more likely in paying an external developer in the case of software, a claim to HMRC for R&D Tax Credits can result in a healthy cash injection in the company’s early days.
This cash can then be reinvested into the business, perhaps by funding the recruitment of a full-time software or product developer or designer, to help bring the development process in house, help speed up the process, and of course to pave the way for higher claims for R&D Tax Credits the next time around.
Forward thinking businesses will already have engaged with our Business Advisory Team to seek advice around growth strategy, and planning for R&D Tax Credits should become a part of that strategic process. As the business grows and gains more credibility, it is able to access other sources of funding, typically only available for more established businesses.
To benefit from R&D Tax Credits, the business only needs to be a limited company and be expending money on solving technical challenges in the business’ field of expertise. You may be surprised at the breadth of activities that will fall within this definition and may be missing out on not just thousands of pounds of valuable cash for your company, but also the resultant opportunity to really accelerate your business growth plans.
At Randall & Payne we have a 100% success record with HMRC, and have adapted our R&D claims process to a collaborative model which has been commended both by our clients and by their existing accountants in terms of working together to maximise the value to the business.
To transform your business, call James Geary on 01242 776000 or email firstname.lastname@example.org and arrange a free, no obligation meeting to discuss your situation. For more information about the firm visit the Randall & Payne website.