R&D Tax Credits

HMRC’s R&D Tax Credits Statistics, September 2017, shows the average R&D Tax claim for Northern Ireland SME companies for 2015-16 was £46,875. Is your company eligible?

 

R&D Tax Credits are designed to incentivise and encourage businesses to invest in the development of innovative products and services. It allows organisations to recover substantial development costs as cash or credit for every year of qualifying R&D activities and works by allowing your business to include an additional deduction in calculating its taxable profits, whether you are profitable or loss-making.

When you work with Morrissey Chartered Accountants, you will benefit from our expertise and knowledge of the R&D Tax Relief Claim Process.

 

We will help you identify qualifying R&D activities and expenditure.

 

What constitutes R&D:
  • Developing new products
  • Modifying existing products
  • Implementing new systems and software
  • Attempting to resolve a problem

 

Examples of qualifying R&D Tax Expenditure:
  • Staff Costs
  • Software
  • Utility Bills
  • Materials
  • Possible Sub-Contracted Costs

 

We only require a limited amount of your time initially to discuss potential R&D expenditure. Following our R&D assessment, we will manage the entire process on your behalf. Thus saving you time and enabling you to focus on running your business.

Even though the R&D scheme is designed to stimulate innovation by encouraging companies to invest in research and development, the scheme is under-utilised in Northern Ireland with recent government statistics revealing that only 610 companies made a claim.

 

Contact us to check if you are eligible to claim R&D Tax Credits.